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Different types of equity release schemes

Lifetime mortgage

A lifetime mortgage is where the provider advances you a loan based on your age and property value (your home) as a mortgage. The interest payments are charged every month as you would expect from a mortgage but added to the loan.

Upon your death the loan and added interest payments become payable, normally out of the proceeds of the sale of the home. There is little chance that your estate will have to find the difference should the proceeds of the sale of your home fall short of the value of the loan and interest payments as the provider normally guarantee against this at the outset.

How much equity can you release

The amount of cash you can release from your property depends on your age and property value. You need to be at least 55 years of age. Your property needs to be in a good state of repair, have no or very little outstanding mortgage and the property has to be your home.

Most providers require you borrow a minimum amount. As this amount is based on a set percentage of the value of your property it will have to be of a certain minimum value to accomadate this requirement.

Home reversion plans

A home reversion plan is not a mortgage. Here you are effectively selling all or part of your home. How much you can sell depends on your age. Most providers require you have to be at least 55 years of age.

The provider will value your property based on current market conditions and advance you a lump sume based on a percentage of that value.

On your death the portion the provider has bought becomes salable with all proceeds going to the provider.

You are permitted to continue living in the property without having to pay rent but required to maintian the property to a certain standard.