With an equity release you can choose how much extra income you want to raise for your retirement by unlocking money from your property. With an equity release plan you can access the value of your home tax-free without having to sell, giving you money to spend on whatever you want.
There's no interest on the money. You are able to live rent-free in your own home, enjoying the security of a lifetime tenancy arrangement.
A drawdown lifetime mortgage allows you to take an initial lump sum followed by a cash reserve facility for extra funds when you need them.
This option helps you to limit the effect of compound interest and, as such, reduces the ‘roll-up’ and final amount that needs to be repaid.
A reverse mortgage allows homeowners to borrow from their home’s equity without the need to make monthly mortgage payments. Funds can be taken as a lump sum or as monthly payments.
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A lifetime mortgage plan is the most popular equity release scheme and works by allowing homeowners over 55 years of age to acquire the value or ‘equity,’ tied up in their estate as a cash disbursement.
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