Welcome to Rainbow Equity Release.
We are the number 1 specialists in providing expert Equity Release advice on the internet.
We have expert advisers who have been in the field for years. We source the best deals on the market from the industrys leading providers and find the policies that are most suited you and your needs.
Equity Release Calculator
What is Equity Release including Lifetime Mortgages & Home Reversion Plans
Equity Release is becoming a popular option for homeowners, over the age of 55, who are looking to release some of the money that is tied up in their home. An agreement is reached between the homeowner and a provider for tax free cash, either in a lump sum or in a cash pot, in exchange for a stake in the equity of your home.
With Equity Release you can release cash from your home without ever being forced to move because of the agreement. You can then use the cash to improve your lifestyle, do essential home improvements or buy a new car. You can live safe in the knowledge that neither you nor a partner will be asked either to pay the money back or worry about the loan coming to an end until you have passed away.
What are the Pros & Cons of Equity Release
1) Equity Release can help in a period when you may have a fixed income but unexpected bills or costs. You may have money tied up in your home but no way to access it. Equity Release can help with tax-free cash.
2) The money you receive is yours to spend hwow you wish with no stipulations.
3) Retirement is supposed to be a time when you do indulge yourselves with holidays, travelling or visiting family around the world and not worrying about bills, debt or not making ends meet.
4) You could use the money to increase your cash shortfall and improve your general standard of life.
5) Equity release can affect your entitlement to state benefits.
6) Equity Release will reduce the value of your estate and will effect any inheritance your family/next of kin would be entitled to.
What is the procedure for Equity Release?
1) The first step is to fill in our equity release calculator above. After entering all your details we will show you how much equity would generally be available for you based upon your age, property value and the varying amounts that are offered by the markets leading Equity Release providers.
2) After learning about the amounts that are available to you you can order our FREE Equity Release brochure which will provide you with information on the entire Equity Release process.
3) You can call 0800 524 4853 to find out all the answers to any specific questions or queries you might have about Equity Release. It is a free service and we can help you at any stage of your enquiry. From here you can also book a face to face appointment with one of our Equity Release Advisers from the comfort of your home.
What are the types of Equity Release?
Roll-up Lifetime Mortgages
A roll up lifetime mortgage is an Equity Release plan. It enables you to release cash secured against your home.
You and the lender agree a cash lump sum. This is based upon the value of your home, your age and other factors including how much mortgage you have left on your property and the differing amounts on offer from the various providers.
An interest rate will be agreed with the provider and every year interest will be added to the original loan.
The full amount that will be repaid when you pass on or move into residential care is the original loan plus the interest that has rolled up over the years.
Anything left remaining in equity from your home will be passed on to your estate/next of kin so they can still receive an inheritance.
Fixed Repayment Lifetime Mortgage
Using a fixed repayment mortgage the amount you repay at the end of the loan is decided right from the beginning. You will receive a cash lump sum based upon similar criteria to the Roll-up Lifetime Mortgages although health is also taken into account with a Fixed Repayment plan.
Again, even if you or your partner, if you are part of a couple, will never have to leave your property unless you want to. When you or your partner pass on or move into residential care, the provider will take the agreed amount from the proceeds of the property sale.
Home Reversion Schemes
A Home Reversion scheme generally involves trading a part of or all of the value of your property with an Equity Release provider in exchange for a tax-free cash lump sum.
The amount you would be offered would not match the full market value of your property. You would receive a smaller amount because you are allowed to live in your home for the rest of your life without paying any rent to the provider who owns a stake in your property.
The provider will only receive a return on their investment after your death, or when you decide to leave, for example to move into residential care.