The Stonehaven Interest Select Plan is a great alternative to the now deceased Halifax Retirement Home Plan mortgage. This Stonehaven equity release plan is a great alternative for parents who are struggling to keep their children in college or university. With this plan, parents are able to obtain a loan from Stonehaven using their property as collateral.
With the Stonehaven interest only lifetime mortgage , parents receive an alternative form of capital that allows them to be able to assist their children who are studying to obtain their degrees. When parents sign up for the Stonehaven Interest Select Plan, they are releasing equity from their property. The money that they receive from the Interest Select Plan is tax-free and can therefore be used to meet different goals.
The great thing about the Interest Select Plan is that parents are still allowed to remain in their property. They do not need to hand over their property to Stonehaven & retain 100% ownership. This creates a unique opportunity for many parents in that apart from helping their children with their education, parents can also use the money they receive from the Interest Select Plan to purchase a second and smaller property while they rent their initial property. This allows them to generate yet another source of income that they can use to help fund the education of their children.
It is very important for parents to have suffcient sources of income when applying for Stonehaven Interest Select Plan because this plan requires them to make monthly repayments of the interest. The Interest Select Plan has been made especially for parents who are conscious about their children’s inheritance. Because the interest is repaid on a monthly basis, the initial loan amount always remains constant. It does not change, which means that in the end parents will be able to repay the initial loan amount and leave a reasonable inheritance for their children. Additional benefits would be that hopefully the house price may have risen in the meantime, thus creating an increasing amount of equity within the property as the Stonehaven Interest Select mortgage balance remains static
Parents can feel free to put their property into the hands of Stonehaven, since Stonehaven is a member of SHIP & the FSA which are both institutions that safeguard the safety of homeowners by implementing rules and policies that must be followed by all equity release providers. Based on the needs and requirements of parents, Stonehaven customizes its Interest Select Plan to suit clients needs. Call 0800 679 5169 to speak to a Stonehaven specialist.
