The term Equity Release refers to a range of products letting you access your money, which is usually locked in a mortgage or other loan.
The two primary types of equity release are:
Lifetime Mortgage: It is a type of mortgage in which the mortgage is secured by the property you own and remain the owner as long as it’s your primary residence. You can use this money for any purpose that doesn’t exceed the value of the home.
Home Reversion: In this type of mortgage, an individual sells part or whole of the property to a home reversion provider in return for regular payments or a lump sum. This arrangement allows the person to have their money back at the end of the contract period.
In this section, we will explore the possibilities of different types of equity releases. We’ll also look into how they work and what benefits they offer. The sections comprise equity release blogs on the topic such as what is a lifetime mortgage drawdown facility, equity release to pay off interest only mortgage, equity release on a retirement flat, equity release pros and cons, equity release with repayment option, equity release for over 90s and equity release for home improvements.