Equity Release Lifetime Mortgage
Compare Equity Release Options for your Home
If you are nearing retirement age and require extra funds to supplement your retirement income, you may wish to consider an equity release scheme.
There are two main types of equity release deal, lifetime mortgages and home reversion schemes.
A lifetime mortgage equity release deal will tend to work in the following way:
- You would take a loan out against the value of your house
- You could either receive this loan as a lump sum or, on a lifetime mortgage with a drawdown facility, you could opt to release funds later on
- Your house would continue to be yours for the rest of your life, or until you move permanently into a residential home
- When you die or move into a care home, the provider would sell your property, with the proceeds being used to pay off your loan
If this sounds like your kind of deal, you should click on the link below to get an equity release quote right now. If you are perhaps a little more pragmatic, or need a little more convincing, you should continue reading.
For many people, equity release through a lifetime mortgage deal could see the following benefits:
- Gives you access to funds, potentially allowing you to have a more comfortable retirement
- Allows you to continue living in your property, as opposed to alternatives such as ‘downsizing’
- The flexibility of receiving a lump sum or subsequent payments with a lifetime mortgage that has a drawdown option
- Unlike home reversion schemes, lifetime mortgages are usually portable – this means that, should you wish to move property, you would not be restricted by your equity release scheme
However, the following drawbacks could also become a factor:
- The value of your estate could be significantly reduced
- Your loan may not reflect the current market value of your house
- You may have to pay arrangement fees, legal fees and valuation fees
For further information on equity release through lifetime mortgages, or to access competitive equity release quotes, please click on the link below.