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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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What my customers say about working with me

“Thank you so much for arranging our equity release mortgage. When my wife became ill, the downsize move we anticipated was out of the question. Releasing equity from our house has enabled us to concentrate on her treatment while planning the things we want to do without worrying if we can afford it. For example, our son in Thailand has a new baby so we can now fly out to see them with a little more comfort than we have in the past. You guided us through the multitude of options and considerations and found us a great deal. We wish you every success in your business.”

David and Jo Allen

What my customers say about working with me

“Thank you so much for arranging our equity release mortgage. When my wife became ill, the downsize move we anticipated was out of the question. Releasing equity from our house has enabled us to concentrate on her treatment while planning the things we want to do without worrying if we can afford it. For example, our son in Thailand has a new baby so we can now fly out to see them with a little more comfort than we have in the past. You guided us through the multitude of options and considerations and found us a great deal. We wish you every success in your business.”

David and Jo Allen

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