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A reverse mortgage1  could be a great way to help you live your later life to the full.

By borrowing a tax-free lump sum2  you could be able to fund home improvements, help younger family members get on the property ladder, or simply maintain your lifestyle in retirement.

How much you can borrow depends on a number of factors, including your age, the type of asset you own, and its value.

When comparing the reverse mortgage market, a specialist adviser3  will explain:

  • You have to get advice before releasing equity.
  • Check for plans that have a no negative equity4  guarantee, so you’ll never owe more than your house’s value.
  • It reduces the value of your estate.
  • The initial consultation is free with no obligation.
  • The most known form of equity release is a lifetime mortgage, which is a loan secured against your home. Note that you will still own your home.

What's a Reverse Mortgage?

A reverse mortgage is a way of releasing the wealth tied up in your house without the need to move.

With reverse mortgage products, if you are over the age of 55, you can either borrow against the value of your home or retail all or part of it for an income every month, a lump sum, or the facility to get at equity as and when you like or a combination of these choices.

What are the Different Types of Reverse Mortgage Schemes?

Although there are many different policy available, they can all be split into four main categories of reverse mortgage schemes.

Lifetime Mortgage Loan

You release a lump sum from the value of your asset, by taking out a mortgage secured (provided it’s your main residence) whilst maintaining 100% ownership of your home. This amount, plus any interest accrued, (you can opt to make repayments) is repaid from the sale when you pass away or move into long-term care.

Drawdown Lifetime Mortgage

This works similar to Lifetime Mortgage but with a regular fund reserve/draw down options allowing you to withdraw amounts at a frequency you select up to a specified amount of years, or until the reserve funds has been used up.

Interest-Only Lifetime Mortgage

You get a lump sum and pay interest on the loan every month, which can be fixed or variable, rather than allowing the interest to roll up. The amount you originally borrowed is normally settled when your home is eventually purchased.

Home Reversion Plan

Here, you retail some or all of your realty asset to a home reversion provider in exchange for a lump sum of money or regular payments, whilst maintaining the right to remain living in your home, rent free, for as long as you live, but you have to agree to maintain and insure it. At the end of it your house is sold and the sale proceeds are shared according to the remaining proportions of ownership.

What Can a Reverse Mortgage be Used For?

You are free to use the money on almost anything you choose. There are many reasons for releasing equity from your home and here are a few of them.

Common Reverse Mortgage Uses:

  • To supplement your pension income to cover living expenses
  • To settle a repayment mortgage or clear the balance on an interest-only mortgage
  • To improve your standard of living
  • To see your family enjoy their inheritance while you’re still here
  • To carry out some home improvements
  • To take that holiday of a lifetime
  • To help your children onto the asset ladder
  • To pay off other outstanding debt and lower your monthly outgoings.

Is a Reverse Mortgage Right for Me?

Reverse mortgage is not right for everyone and it’s important that you fully consider your choices and receive independent financial advice before making a decision. It’s also vital that, if you do decide to use an equity release product, you choose one that meets your needs.

Remember that taking a reverse mortgage is generally a long term option. However, there are flexible programs available that may fit your varying needs and some will allow you to repay in the future without any penalties. A financial adviser can help you to pick what is right for you. You can also use our equity release calculator uk to see if equity release can be a good option for you.

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Is It right for you?

Download our guide to make sense of the equity release mortgage or try our simple equity release calculator and get an idea of how much money you could release.

HOW MUCH EQUITY CAN YOU RELEASE?

Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

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