Equity ReleaseConsider Equity Release to take advantage of the value of your Home

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Types of Equity Release Mortgage

• Home Revision Scheme: With this type of equity release mortgage, you would  sell part of your house to a home revision company. You receive a lump sum of money, and the home revision company is repaid by the proceeds from the sale of your house after your death.
• Lifetime Mortgage: There are a number of options available for a lifetime mortgage:
  
  Mortgage or Roll-Up Plan. You borrow a sum of money from a mortgage lender using your home as collateral. You'll make payments to the lender to repay the amount of the equity release mortgage loan.
  Home Income Plan. You'll receive regular, income-like payments, using your home as security against the loan. The lender will again be repaid by the proceeds from the sale of your house after your death.
  A fixed repayment lifetime mortgage. You get a lump sum, but don't have to pay any interest. Instead, when the home is sold, you have to pay the lender a higher amount than you borrowed, agreed in advance between you and the lender.
  An interest-only mortgage. Out of the income that you receive, you pay off the interest on the equity release mortgage loan.  The loan itself itself is repaid by the eventual sale of the property.