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Equity release advice guide for older people

Equity release is a tool enabling home owners to use the value of their homes to produce a capital sum or an income while they continue to live there. There are various types of equity release schemes; we recommend that you take independent financial and legal advice before entering into such schemes. There are numerous providers of equity release plans. Every lender can have differing interest rates, loan criteria and customer benefits, each of which need to be thoroughly researched to match your personal needs.

Roll-up mortgages, drawdown policies and home reversion, there a variety of plans or financial products exist to help older home owners generate a lump sum or a regular additional income, or sometimes both out of their home.

Lifetime Mortgages and Home Reversion schemes are the two main types of equity release schemes.

Under a Lifetime Mortgage, the owner takes out a loan as a mortgage while retaining the ownership of the property.

Under a Home Reversion scheme, the owners sell their home, or part of it but retain the right to live there for their lifetime.

For more information please download a copy of our Equity Release factsheet 

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