Equity release mortgage information

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What is an equity release mortgage?

If you’re cash poor but asset-rich in retirement, then this may be a very good option for you. It allows you to unlock equity in your house in exchange for cash sums, all of which is payable to the lender when you move to a retirement home or pass away. Many lenders have a minimum age of sixty for people looking to take out such a deal.

You can find out how much you can expect from an equity release deal using our calculator tool. You may also want to consider our various forms of mortgage insurance and protection.

More equity release mortgage information…

There are two forms of equity release deal – mortgage reversion and lifetime mortgages. A lifetime mortgage provides either a cash sum or a cash amount spread over a period of years, effectively as a loan secured against your property, with the interest payable when you die or move on. Reversion schemes allow you to sell a percentage of your property in return for a lump cash sum or monthly payment. It’s also worth considering the following points of equity release mortgage information:

 Equity release is a great way to solve the problem of being asset rich, but cash poor in retirement

 You don’t have to move from your home or downsize to a smaller property to release the money

 Staying in your property and not moving might help reduce inheritance tax (though there are complications with this)

 With a lifetime mortgage it is less clear how much of the property will be yours to pass on to your children/grandchildren

 Some deals may not allow you to move house

 You may lose some rights to means tested benefits

 If the sum released is spent unwisely, then it can have a negative impact on quality of life

 If you opt for an income-payment deal this will be counted in your tax calculations

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Call us on 0845 603 1525 for more equity release mortgage information. We are happy to discuss your situation and help you choose the best option.

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