Reverse Mortgage Quote (Oct 2021)

Get Your FREE Instant Reverse Mortgage Quote

Arrow

Use Our FREE Reverse Mortgage Calculator 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

100% Secure & Fast. Takes Just 8 Seconds.

⏱️ Get results in just 8 seconds.

Looking for the Best Reverse Mortgage Quote?

Get the BEST Reverse Mortgage Quote. Compare The Whole Market. Find the Lowest Reverse Mortgage Rate Now. Here is the Secret to How...

Got a Question?

Need a Quick Answer?

* Get an expert to give you a quick call.

Before You Start Reading....

Let's See How Much You Can Release Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

100% Secure & Fast. Takes Just 8 Seconds.

timer

It's VERY FAST, takes just 8 seconds

Reverse Mortgage Quote

Reverse Mortgage: What It Is and How It Works in Oct 2021

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

By borrowing a tax-free lump sum1  you could be able to fund home improvements, help younger family members get on the property ladder,2  or simply maintain your lifestyle in retirement.

How much you can borrow in Oct 2021 depends on a number of factors, including your seniority , the kind of asset you own, and its value.

What's a Reverse Mortgage?

A reverse mortgage is a way of releasing the wealth (cash) tied up in your home without the need to move.

With reverse mortgage products, if you are over 55 yrs, you can either borrow against the value of your home or retail all or part of it for a routine monthly income, a lump sum, or the facility to get and when you like or a combination of these options.

Different Types of Reverse Mortgage Schemes in Oct 2021

Although there are many different schemes 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 house, by taking out a mortgage (provided it’s your main residence) whilst maintaining 100% ownership of your home. This amount, plus any interest accrued, (you can opt to make payments) 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 cash reserve/draw down option enabling you to withdraw amounts at a frequency you choose up to a specified amount of years, or until the cash reserve has been used up.

Interest-Only Lifetime Mortgage

You get a lump sum and settle a monthly interest on the loan, which can be fixed or variable, rather than allowing the interest to roll up. The amount you originally loaned is normally repaid when your home is eventually sold.

Home Reversion Plan

Here, selling some or all of your house to home reversion providers in exchange for a lump sum of money or payments, whilst maintaining the right to remain living in your home, uncharged rent, for as long as you live, but you have to agree to maintain and insure it. At the end of the plan your it’s sold and the sale proceeds are shared according to the remaining proportions of ownership.

A mortgage is a loan taken out to buy realty or land.

Most run for 25 years but the terms can be shorter or longer.

The loan is ‘secured’ against the value of your home until it’s paid off.

If you can’t keep up your payments the lender can repossess (take back) your home and sell it so they get their money back.

Natwest Mortgage Calculator – get a Natwest mortgage quote and chat with an adviser to learn more.

Although there are many different mortgages available, they can all be split into these main categories.

Repayment Mortgage

Over the period or term of your mortgage, every month, you steadily pay back the money you’ve borrowed, along with interest.

Interest-Only Mortgage

Over the term of your mortgage, you only pay off the interest. You you don’t actually pay off any of the mortgage. The monthly payments will be lower, but won’t reduce the capital you owe.

Fixed Rate Mortgage

With a fixed rate mortgage, your lender guarantees your rate will stay the same ‘fixed’ for a set amount of time. Normally this guarantee is capped between 1–10 years.

Standard Variable Rate (SVR) Mortgage

SVR is a lender’s default. No deals, bells or whistles are included. Each provider is free to set their own SVR, and adjust it when they like.

Discounted Rate Mortgage

You get a discount on the lender’s SVR over a set period of time. This is a kind of variable rate, so the amount you pay each month can change if the lender changes their SVR, which they’re free to do as they like.

Tracker Mortgage

They are a kind of variable rate mortgages, which means you will probably pay a different amount to your lender each month. Tracker rates follow a particular rate to determine what you pay each month, then adding a fixed amount on top of that base rate.

Capped Rate Mortgage

These are variable mortgages, with a limit or ‘cap’ on how high the rate can rise. Often, the rate is higher than a tracker mortgage – so you might end up paying extra for that peace of mind.

Cashback Mortgage

When you sign up to your mortgage, the lender pays you a lump sum of cash (usually, a percentage of your loan).

Flexible Mortgage

These allow you to overpay and underpay and even take a payment holiday (skip a few monthly payments) if required.

Offset Mortgage

This is a way to use your savings to reduce the amount of interest you pay on your mortgage. You need to turn your mortgage into an offset mortgage, open a current or savings account with your mortgage lender and link that account and your mortgage up.

With a Natwest mortgage, you need to use the money to raise funds to buy real estate, or alternatively if you’re an existing property owner you can raise funds for any purpose, while putting a lien on the property being mortgaged.

Note that mortgage plans are not right for everyone and it’s important that you fully consider your options and receive independent financial advice before making a decision. It’s also important that, if you do decide to use a Natwest Mortgage product, you choose one that meets your needs.

Remember that taking a mortgage is generally a long term option. However, there are many plans available that may fit your varying needs.

A financial adviser can help you to choose the plan that is right for you.

When comparing the reverse mortgage3 market, a specialist adviser will explain:

  • You have to get advice before releasing equity.
  • Check for schemes that have a no negative equity4  guarantee, so you will never owe more than your home’s value.
  • It reduces the value of your estate.
  • The initial consultation is without charge and with no obligation.
  • The most popular form is a lifetime mortgage, which is a loan secured against your home. Note that you will still own your home.

You can use the money on almost anything you like. There are many reasons for releasing cash 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 mortgage or clear the balance on an interest-only mortgage
  • To improve your way of living
  • To see your family enjoy their inheritance while you’re still here
  • To carry out some home improvements
  • To take that holiday off 
  • To help your children onto the property ladder
  • To clear off other outstanding debt and lower your monthly outgoings.

Is a Reverse Mortgage Right for Me?

Reverse mortgage plan are not right for everyone and it’s important that you fully consider your options and receive independent financial guidance before making a decision. It’s also vital that, if you select to use this product, you choose one that meets your needs.

Remember that taking a reverse mortgage is a long terms option. However, there are pliable schemes 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 choose the plan that is right for you.

How Much Can You Release?

Use the FREE Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

100% Secure & Fast. Takes Just 8 Seconds.

timer

It's VERY FAST, takes just 8 seconds

What people say

You are the best. You delivered what you mentioned you would that was much better than anybody else. I can not rate you highly enough!!
Brenden
Brenden
SovereignBoss client
I'd like to commend the excellent support we received from you guys in our recent equity release application, which proceeded faster than we could have hoped. Thank you so much.
Margaret
Margaret Doyle
SovereignBoss client
I have to say my experience with SovereignBoss was positive from start to finish. The level of customer service I received from John was simply outstanding, thank you!
janus
Janus Kern
SovereignBoss client

You may also like

All calculators

Lifetime Mortages

How Much Can You Release?

Use the FREE Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

100% Secure & Fast. Takes Just 8 Seconds.

Are You Considering Equity Release?

Watch this quick video

Watch this quick video

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.

Use our free equity release calculator & see how much you can release today.

Request a Call Back Below 👇

We’ll get an expert to call you back shortly.

Equity Release Call Back
Please check your details are 100% correct

We Hate Spam as Much as You. 100% Secure.

As Featured In
yahoofinance marketwatch

How Much Can You Release?

Use the FREE Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

100% Secure & Fast. Takes Just 8 Seconds.

As Featured In
yahoofinance marketwatch
rachel w

Written by
Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
john lawson profile.jpg

Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
francis

Written by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
kath icon

Written by
Katherine Read
Financial Planning Reporter

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
nicola

Written by
Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

See How Much You Can Release 👇

Use the QUICK form below.

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

100% Secure & Fast. Takes Just 8 Seconds.

As Featured In
yahoofinance marketwatch