About equity release
What is equity release?
Put simply, equity release is a method for releasing some of the money stored up in your home, without the need to move. How much equity you release depends on how old you are, how much your home is worth, your sex and how much you choose to borrow.
You may also have heard some equity release products described as ‘Home Reversions’ or ‘Lifetime Mortgages’. These are two different types of regulated equity release plans, and here we will be talking about Lifetime Mortgages.
Lifetime Mortgages
With a Lifetime Mortgage, you can choose not to make any payments throughout the life of the mortgage. Instead, the mortgage (and the interest accumulated and any charges) will be repaid at the time of your death or move into long-term care, using the cash generated from the sale of your home.
With a Lifetime Mortgage you will always retain ownership of your home, and your home will never be repossessed (as long as you abide by the terms and conditions of the loan). All Lifetime Mortgage products are regulated by the Financial Services Authority. Remember however, before taking out a Lifetime Mortgage, we recommend you discuss it thoroughly with your equity release financial adviser, an independent legal adviser and with your closest family.
Call us now on Freephone 0800 068 0212
(Monday to Friday, 9am to 5pm)