Equity release schemes

There are a number of different types of schemes available to people who want to release their homes equity. These include: -

Lifetime mortgages

A lifetime mortgage is where you take a loan secured against the property you own. This provides you with a cash lump sum that is repaid (including any interest accrued) when you move into long term care or when you pass away.

Home reversion plans

Home reversion plans allow you to sell all or part of your home for a cash lump sum from your home which is then leased back to you until you either pass away of move into care.

Drawdown mortgages

A drawdown scheme is like a lifetime scheme but allows for you to ‘draw down’ the cash as you need it.