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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. When comparing the release market, a specialist adviser will explain:
  • You have to get advice before getting trying this option.
  • Check if it has a no negative equity2Β  guarantee, so you’ll never be indebted more than your home’s value.
  • It reduces the value of your estate.
  • The initial consultation is free with no obligation.
  • The most known form of release is a lifetime mortgage, which is a loan secured against your home. Note that you will still own your home.

What's a Second Mortgage?

It is a way of releasing the wealth tied up in your property without the need to move.

With these products, if you are over the age of 55, you can either borrow against the value of your home or sell all or part of it for a routine monthly income, a one time payment, or the facility to get and when you like or a combination of these options.

Different Types of Equity Release Schemes?

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

Lifetime Mortgage Loan

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

Drawdown Lifetime Mortgage

This works similar to Lifetime Mortgage but with a common money reserve/draw down option 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 total payment and pay a monthly interest on the loan, which can be fixed or variable, rather than allowing the interest to roll up. The amount you originally borrowed is normally repaid when your home is eventually sold.

Home Reversion Plan

Here, you sell some or all of your property to a home reversion provider in exchange for a lump sum of money or regular payments, whilst retaining the right to remain in your home, with uncharged rent , for as long as you live, but you have to agree to preserve and insure it. At the end of it your property is purchased off and the sale proceeds are shared according to the remaining proportions of ownership.

What Can an Equity Release be Used For?

You can use the money on almost anything you like. There are many reasons for releasing and here are a few of them.

Common 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 lifestyle
  • 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 property ladder
  • To pay off other outstanding debt3Β 
    and lower your monthly outgoings.

Is a Second Mortgage Right for Me?

Second mortgage plans are not right for everyone and it’s important that you fully consider your options and receive financial advice4Β 
before making a decision. It’s also important that, if you do decide to use this product, you choose one that meets your needs.

Remember that taking a second mortgage plan is generally a long term option. However, there are flexible plans available that may fit your varying needs and some will allow you to repay in the future without any penalties5. A financial advisor can help you to choose which is right for you.

How Much Can You Release?

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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!!
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Brenden
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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.
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Margaret Doyle
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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!
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SovereignBoss client

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