Equity Release Mortgages could hold the answer for you if you’re looking to get a lump sum or additional income from your home
Equity release mortgages are available to the older generation. They can provide you with a regular income, or a cash lump sum. In return, you take out a loan which is paid off when the property is sold. You can transfer the debt to another home in some cases if you downsize.
With this type of mortgage you can roll up all the interest or pay back interest only, leaving only the capital outstanding.
Alternatively, you can choose to sell a proportion of your home in return for the money.
The first type of equity release mortgage is known as a lifetime mortgage, while the second is called a reversion scheme.
Each of these options has its own risks, and should be carefully considered with professional advice.
This is a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.