Most people who take out equity release use a lifetime mortgage. These plans enable you to raise a lump sum often at a fixed interest rate and usually you don't have to make any repayments while you are alive as interest `rolls up` which means unpaid interest is added to the loan.
However, some lifetime mortgages do now offer you the option to pay all or some of the interest and some let you pay off the interest and capital.
You have the right to remain in the property for the rest of your lives and the plan is repaid when the property is sold, which usually occurs when you die or enter long term care.
These schemes can be helpful in certain circumstances but are not suitable foe everyone.
For equity release products, we can be paid by commission, a fee, or a combination of both. Our typical fee is £595.
EQUITY RELEASE MAY INVOLVE A LIFETIME MORTGAGE OR A HOME REVERSION PLAN. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION.
A LIFETIME MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.