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Plans have no fixed end date and are designed to run until the death of the last borrower, or when the last borrower moves into long-term residential care. At the end of the plan, the lender will be repaid the capital and interest accrued.Get Free Quotes
This allows you to switch from one type of equity release to another, usually at a lower interest rate.Get Free Quotes
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Equity release, also known as a lifetime mortgage, is a way for homeowners over the age of 55 to borrow against the value of their home without having to sell it. The loan is repaid with interest when the homeowner dies or moves out of the house. Equity release can be a way for seniors to access money for expenses such as home repairs, medical bills, or travel. There are two main types of equity release schemes: lifetime mortgages and home reversion plans. Both enable homeowners aged 55 and over to release cash from their properties, and both allow homeowners to stay in their homes until they die or enter long-term care. The chief difference between the two is that a lifetime mortgage is secured against your property, and you retain full home ownership, whereas, with a home reversion plan, you must sell a share of your home.
Equity release allows UK homeowners aged 55 and above to access their property wealth as tax-free cash, secured against the value of their home. The amount of equity you could release will depend on your age and the total value of your home.
To be eligible the youngest person on the deeds needs to be aged 55 or over and you need to live in the property that you wish to release equity from. The type of property you own can also be a factor. An equity release specialist will be able to help you to determine whether your home is suitable.
Taking equity release could result in your entitlement to means-tested state benefits being reduced or removed. It can also affect any funding you might receive for care services. In addition, it will also have the effect of reducing the value of your estate by the original amount of the lifetime mortgage plus any interest and charges.