An equity release, also known as a “reverse mortgage” or “lifetime mortgage,” is a type of loan that allows you to borrow against the value of your home. You get to keep the title to your home, and can draw cash equivalent to part or all of your home equity.
You can use your advance to finance nearly anything you want! When you go into long-term care or pass away, your home will be sold to repay the outstanding amount of your equity release loan.
You’ll remain the legal owner of your own home until it’s sold (which only happens once you’ve passed away or moved into long-term care).
Should you pass away or go into full-time care, you won’t pass on debt to your family as long as your home is sold for a reasonably good price.
Choose either a one-time cash payment, or take a smaller lump sum with a cash reserve to draw from. You’ll pay interest only on the money you withdraw.
Your interest rate is tailored to your unique situation. Your fixed rate will never increase.
Expand your home’s footprint or upgrade your living space by drawing on your home equity. The best part? If your renovations help increase your home value, you’ll be helping repay your equity release in the future.
Always wanted to travel Europe, buy an RV and drive across the country, or visit the black sand beaches of Iceland? Access your home equity to turn your biggest dreams into reality!
Whether you’re helping your child afford the down payment on their first home, or paying tuition at a great school for your grandchild, an equity release can help you make that happen.
When you enter into an equity release loan, you’re borrowing against the value of your home. Unlike other loans, however, this one doesn’t require regular repayment. You get access to more financial capital to enjoy throughout your retirement, or to put toward the projects and dreams of your choosing!
When you enter into an equity release loan, you’re borrowing against the value of your home. Unlike other loans, however, this one doesn’t require regular repayment. You get access to more financial capital to enjoy throughout your retirement, or to put toward the projects and dreams of your choosing!
When you enter into an equity release loan, you’re borrowing against the value of your home. Unlike other loans, however, this one doesn’t require regular repayment. You get access to more financial capital to enjoy throughout your retirement, or to put toward the projects and dreams of your choosing!
When you enter into an equity release loan, you’re borrowing against the value of your home. Unlike other loans, however, this one doesn’t require regular repayment. You get access to more financial capital to enjoy throughout your retirement, or to put toward the projects and dreams of your choosing!
When you reach out to Fairway about your equity release or another home loan, you’ll work directly with Senior Loan Officer and mortgage planning specialist Phil Ganz.
With 19 years in the mortgage industry under his belt, Phil prioritizes attentive client service, honest communication, and helping clients find the right mortgage options for their unique situation. Reach out to Phil to schedule your free, no-obligation consultation to learn more about whether equity release is right for you.