FirstStop Equity Release Advice is provided by Just Retirement Solutions Limited. As our name suggests, we are just about retirement. We focus solely on providing solutions and service excellence that is specifically designed to meet the financial needs of people approaching or in retirement.
There are two main types of equity release schemes available – lifetime mortgages and home reversion plans.
Lifetime mortgage
- is a type of loan secured against your home
- you remain in your home
- you can borrow a lump sum or take an income at an agreed interest rate
- the mortgage is repaid upon your death using the proceeds from the sale of the house
- the interest that is built up is repaid - along with the total loan amount - once you die or move permanently into care
Home reversion plan
- a home reverson plan gives you a cash lump sum or income in return for selling part, or all of you property to the product provider - though you will not receive the current market value
- you no longer own your home but conti nue to live there as a life long tenant there is no interest to pay because it is not a loan
- if your property increases in value you will only benefit from the increase to the proportion you still hold