The Benefits of an Equity Release Plan

Most plans now feature much more flexibility than in the past, here are just some of the features:

Lump sum of tax-free money
Continue to live in your own home (Lifetime mortgage only)
Choose to protect an inheritance
Choose to have no monthly repayments
Make repayments if you want to
Add a cash reserve facility
Maintain 100% home ownership
You can spend the money as you wish
Ability to still move home in the future
No-negative-equity guarantee feature
Low rates and you can fix for life
Higher cash release available

You could continue to own your home so you will benefit fully from any future increase in its value. There are also guarantees with some plans to make sure you never pass on any debt, or ‘negative equity’, in your estate and you can choose a plan that has an option to be ‘portable’. This means you could move home in the future

The interest only life time mortgage benefits people looking to consolidate their existing mortgage and secure the balance for the rest of their life. These forms of equity release home loans have a roll up interest principle, whereby the interest is compounded which means that the balance increases each month. If you don’t like the idea of the interest rolling up you can choose to repay the interest monthly, this way the original amount borrowed remains the same.

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