How to qualify for home equity release

October 17, 2012  //  Posted by: Financial advisor  //  Category: Finance

home equity release, home equityThe first and the foremost criteria that has to be fulfilled in order to be eligible for the home equity releases is that the applicant has to be at least 55 years or above. It is needless to mention that he should be a homeowner. In case of the joint applications, the youngest applicant has to be of minimum 55 years as it is the minimum age limit set by Equity Release Council.

Then, the value of the property has to be at least 75,000 pounds since it is the minimum value that is considered. Another important thing that is considered is the health of the applicant. The health condition may determine the amount of equity that can be released by you. The minimum release amount is 10.000 pounds but is not important that you have to take the entire amount. These are some of the things that are needed to qualify for the home equity release.

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