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Different types of Equity Release

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There are two main types of Equity Release plans – lifetime mortgages and home reversion plans. You may also see lifetime mortgages split down into lifetime mortgages, drawdown lifetime mortgages and interest only lifetime mortgages. As always, professional advice will identify the type best suited to your specific needs.

Lifetime Mortgages

A lifetime mortgage provides a tax free lump sum and enables you to retain 100% ownership of your property. Repayments, including accrued interest, are made when you die and your property is sold. The drawdown option allows you to access the money when you need it; the interest only option allows you to make repayments to cover the interest.

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Home Reversion Plans

A home reversion plan means that you sell some or all of your property to the lifetime mortgage provider. You can stay in the property, rent free (some companies charge a peppercorn rent of £50 per annum), but it will typically pass over to the lifetime mortgage company on your death. You generally need to be 60 or over to qualify for a home reversion plan.

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Professional advice

You can see that there are many types of Equity Release plans, which is good because it means that we can find one that is exactly right for your circumstances, needs and ambitions. It also of course means that professional advice is very important in explaining to you what each plan does and its implications for you, your family and your future.

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Why not get in touch and see how we can help?

Equity release is the answer to so many financial questions. If you would like to know more about it, and see if it could be the right move for you, please book an appointment or request a call-back

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The Right Equity Release
Kevin Woods is a member of the Equity Release Council and an authorised consultant of The Right Equity Release

This is a lifetime mortgage or home revision plan. To understand the features and risks, ask for a personalised illustration. It may affect your entitlement to state benefits and will reduce the value of your estate. Think carefully before securing other debts against your home. Kevin Woods Equity Release Specialist is an introducer to The Right Equity Release Ltd which is Authorised and Regulated by the Financial Conduct Authority. Registered in England and Wales No. 07166676. Registered Address: Croft House, 21d Station Road, Knowle, Solihull, B93 0HL. Head Office: Croft House, 21d Station Road, Knowle, Solihull, B93 0HL. The advice and / or guidance contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. The Right Equity Release does not charge any up front fees. A fixed fee is only charged on completion of an Equity Release Plan. Typically, this is 1.5% of the total facility or £1,295 whichever is the greater.

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