There are a number of types of equity release at Age Partnership, each offering their own benefits and ideal circumstances for their use. It is vital that you choose the right equity release scheme otherwise, rather than benefiting you, it could end up costing you considerably more. There are three types of lifetime mortgage as well as a home reversion plan ensuring that, if equity release is suitable, you will be able to access the best product for you with Age Partnership.
A lifetime mortgage is one of the most popular types of equity release at Age Partnership. Homeowners aged 55 or over receive a lump sum of cash, which is repaid along with accrued interest when you pass away or are taken into full time care. You retain 100% ownership of the property and don’t need to worry about making regular repayments. However, the mortgage will grow over time and the size of the inheritance that you leave behind is likely to be adversely affected.
A drawdown lifetime mortgage is similar to the standard lifetime mortgage. You do not need to take the whole lump sum in one go, instead choosing to release it as and when required. The tax free money you release can be spent on whatever you like and because you are releasing equity over time it means that the interest accrued is likely to be less than with a standard lifetime mortgage.
A home reversion plan is an alternative to lifetime mortgages and one of the types of equity release at Age Partnership. Whereas a lifetime mortgage means that the owner retains ownership of the property, with a home reversion plan it means relinquishing ownership of some or all of the property in exchange for a lump sum of cash. An agreement is made so that you can continue to live in the property, rent free, until you die.
These are the main types of equity release at Age Partnership. The most viable and beneficial form of equity release will depend on your personal circumstances as well as property value and other factors so it is important that you choose the one that is most ideally suited to your needs.
Visit AgePartnership.co.uk to view the different types of equity release at Age Partnership and to request a free consultation regarding your circumstances and to determine which scheme is the most beneficial for your needs.
