With the UK economy struggling to lift itself out of recession more people are releasing cash from their home by way of equity release (“ER”). There are two main types of schemes: lifetime mortgages and home reversion plans.
With a lifetime mortgage the homeowner takes out a mortgage against the property which is repaid when the homeowner dies or no longer needs a home. The most common are “standard roll up” and “flexible drawdown”.
With a home reversion plan the homeowner sells all or part of his property to a reversion company.
The main attractions of Equity Release schemes are:
Each scheme has advantages and disadvantages.
Do you want to know more about equity release? Here are the options:
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