Crown Equity Release offers homeowners access to equity tied up in their home. They offer a solution for being asset rich, but cash poor. Crown has been in business for more than 20 years providing financial solutions to retirees. While the business name Crown Equity Release entered the market in 2001. Their products enable the homeowner to live rent-free in their home for the rest of their life and have the security of tenure via a lifetime tenancy agreement.
Crown provides one home reversion product that adheres to the Equity Release Council Code of Conduct for lifetime tenancy agreements and reversion plans. It is a product for homeowners who do not want another mortgage to repay, even if it is repaid at their death.
Criteria of the Crown Home Reversion Equity Release
The Crown Equity Release product for home reversion requires the full or partial sale of the home. In exchange for the sale, the homeowner lives rent-free for their lifetime under a lifetime tenancy agreement. Crown has the investment property that is sold at death to recoup their initial investment and any potential return on it.
Crown equity release products are provided through private investors and property investment companies. Besides keeping in line with ERC rules, Crown ensures their products meet Financial Conduct Authority regulations and standards.
The minimum age for any applicant is 65. The property must value at a minimum of £80,000. There is no upper limit for property value.
Homeowners have a choice of selling up to 100% of the property for tax-free capital or monthly payments. If there is a partial sale on the home a minimum of £10,000 will be released with future advancements available.
Unique Features of this Home Reversion
This home reversion either pays out a capital lump sum or monthly payments like a drawdown lifetime mortgage. The monthly payments keep funds in a safe account until the property owner needs them.
As no repayment is necessary, as long as the property value increases the homeowner can continue to sell more of the property, if they do not sell 100% in the beginning. With private investors Crown is also able to accept property types on an individual basis, which differs from other lenders in the same industry.
Crown Equity Release Incentives
Crown Equity considers a wide range of non-standard property types for their home reversion products. In addition they will consider health as part of the equity release deal in offering an enhanced home reversion plan.
