One of the top things that you’re going to have to think about sooner or later is how to take care of your home. Taking things to the next level as a homeowner can mean one of several different things — or even multiple things at once. The top item that homeowners are interested in is making improvements to their property. This is one of the best ways to increase the value of your home. You don’t want to find that you have never made any improvements to the home. This will make it harder for people to buy the property if you decide to relocate. Even if you love your house now, you never know when you’re going to have to move on and get out of the property as soon as possible.
Property loans are generally secured which means that you can actually have a higher chance of getting them. In the mortgage world, everything is often about your credit rating. We’re not saying that secured property loans are the exception, but that it’s easier to get even if you’ve had some credit challenges.
However, what if you have jointly owned property with your spouse? You can still get an equity release on jointly owned property, but you’re going to have to be a bit more cautious than if you just owned the property in your own name. You see, both parties must be held liable for an equity loan if you take one out. Even if your partner doesn’t have any plans for the money, they will still be held liable for all of the payments. You will also need their signature in order to apply for the equity loan.
This means that trying to get things done in secret isn’t a good idea. Sooner or later, your partner will find out, and they have to be notified anyway. You might as well use the time that you are preparing to have an honest and open conversation with them about what they actually want to do. That would be better than trying to hide it from them, that’s for sure.
It’s better to make sure that you are truly focusing on every possible angle, since property loans are pretty serious. You will not only have to make payments on the equity release, but you will also still have your original mortgage. Balance things carefully, and good luck!