Equity release comes in two main forms – lifetime mortgages and home reversion plans. At Responsible Equity Release we only advise on lifetime mortgages as with a lifetime mortgage you retain full home ownership.
To release equity with a lifetime mortgage you must be a UK homeowner aged 55 or over, and the amount of cash you can release from your property depends on your age and property value. The lifetime mortgages don’t come with a fixed end date, rather they are only due for repayment once the last homeowner on the deeds either dies or enters into long-term care. Interest is charged on the amount released, with interest rates typically fixed for life. If you do not choose to make repayments over the course of the loan, then the amount borrowed, plus interest is simply repaid at the end of the term, often via the sale of the property.
If you are interested in our Equity Release services, please visit the following website and fill out your information: