There are two main types of equity release, a lifetime mortgage, which allows you to borrow money against your house; and a home reversion plan whereby you sell a share in your house to a reversion provider.
We can advise on both types, however lifetime mortgages are the most popular and flexible equity release product currently available. Here is a summary of how they work:
With a lifetime mortgage:
With a drawdown lifetime mortgage:
If you take out a lifetime mortgage (particularly with a drawdown), it is important to consider setting up a Lasting Power of Attorney which we can help you with.
There are specialist types of borrowing aimed at people aged 50 and over we can also advise on. They range from Retirement Interest Only plans (known as RIO's) to Hybrid plans that combine the features of both equity release plans and Interest only plans.
In order to understand the features and risks of these products, please ask for a free personalised illustration
If you would prefer a specialist advisor to call you back to discuss your requirements, please complete the form below and press send.