When you release equity from your home you will take part in an equity release scheme. There are several different equity release schemes available. Which is where we come in. We are here to help advise you on which is the best scheme to suit your individual needs.
When you take part in an equity release scheme, you will be borrow money against the value of your home. When your house is old, then this money will be re-paid – usually when you die or move to a care home.
Equity Release Schemes work on the idea that you borrow part of your home’s value in return for a share of the proceeds when your home is sold.
There are two main types of scheme – lifetime mortgages and reversion schemes – and deciding which to go for is just one of the decisions you will need to make if you decide to go down this path. The minimum age is typically 55 on lifetime mortgages and 60 on reversion plans.
However, there’s no need to worry as you could seek advice from a qualified independent financial adviser who can explain the features and benefits of an equity release loan, leaving you with no monthly repayments!