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Don't panic, we'll get through this together. Let's explore our options here.
Don't panic, we'll get through this together. Let's explore our options here.
With a lifetime mortgage you continue to own your home completely and are given a loan based on your age and the value of the property.
You can pay the interest charged monthly or have the interest rolled up into the loan amount – this means there would be no monthly payments.
With a home reversion plan an investment company will buy all or part of your home (or arrange for someone else to buy it) and you will receive the sale proceeds as a lump sum or regular instalments.
In most cases you won’t pay rent or, if you do, it will be for a nominal amount.
WARNING: Equity release reduces your estate's value and may affect any means-tested benefits you're eligible for.
A lifetime mortgage, which is a loan secured against your home, is the most popular form of equity release and you will still own your home.
Think carefully before releasing equity and make sure it’s right for you.
WARNING: Equity release reduces your estate's value and may affect any means-tested benefits you're eligible for. A lifetime mortgage, which is a loan secured against your home, is the most popular form of equity release and you will still own your home. Think carefully before releasing equity and make sure it’s right for you.
Please note that some of the brokers we work with may not provide quotes from all of the insurers featured on our website.