Equity release is available to homeowners aged 55 or over. It involves unlocking the money that may be tied up in your home, minus any mortgage.
Different types of Equity Release
There are two main types of equity release, the most popular is a lifetime mortgage as with this type of equity release plan you continue to own 100% of your own home. The alternative is a home reversion plan which involves selling some or all of your home in return for a lump sum of cash. This is much less common, but is still offered by Age Partnership equity release services.
✔ No monthly payments on your lifetime mortgage
✔ Receiving a lump sum of tax-free cash
✔ Depending on the plan you choose, you could still have the option of moving home in the future, should you wish
✔ Continue to own 100% of the home you love, only with a lifetime mortgage
✔ Clear your standard mortgage
✔ The option of protecting a percentage of your property value for your loved ones
✔ You continue to live in your own home
✔ Once you’ve paid off your mortgage you can spend the lump sum of cash as you wish.