Equity Release

Equity Release gives older home owners a way to turn some of the value of their home into cash - a lump sum, regular extra income, or sometimes both.

Recent research has shown that the average annual income of retirees is $22,380 or $430 per week. This compares to the National average wage of $53,000 p.a. This means that even with the mortgage paid off many retirees are struggling to maintain a reasonable lifestyle.

There Are Many Reasons Why You May Be Thinking About Equity Release

You may want to get hold of a cash lump sum to pay for repairs or adaptations to your home, to replace a car or to pay for 'extras' like holidays. Or you may want to raise some cash to help your children or grandchildren. Turning some of the value of your home into cash can help pay for any of these things.

You could be living in your own home but find it difficult to maintain the home to the required standard and to meet expenses such as rates and insurance. You may also have a motor vehicle that is outdated and requires constant repairs.

Equity release finance could be an alternative to alleviate your cash flow problems.

How Does it Work?

This type of finance is available as a lump sum (to meet house repairs, new car, assist children) or by way of regular amounts to supplement monthly income.

In order to qualify for an equity release scheme there are a number of conditions which need to be met. The main condition relates to your age, although different companies offering these schemes have different minimum ages. You will also need to own your own home and will normally have paid off any previous mortgage. Other conditions could relate to the type of property and its value and the property will also need to be in a reasonable state of repair.

Which Equity Release Loan Is Best For My Needs?

Pfeiffer Finance has over thirty years lending experience. We are also members of the Mortgage Industry Association of Australia (MIAA), and as such act with integrity and within the strictest code of professional conduct.

Our Finance Specialists have access to ten different equity release lenders and are able to compare the different equity release products for you, so together we can find one that will best meet your needs.

Best of all, there is no charge for our services. The lender you choose will pay us.

For further information on Equity Release and how you can improve your retirement lifestyle email to info@pfeifferfinance.com.au or phone us on 02 4961 0187.