A House Equity Release is a very simple yet beneficial scheme whereby you can ensure a lump sum amount or regular income or both by mortgaging your home or a part of it. And there is no need to move out. This means, you can choose to live in the same property. And you can use the money without any restrictions from the lender. Great! Isn’t it? There are two schemes which are Lifetime Mortgage and Home Reversion.
Life Time Mortgage – As per this House Equity Release scheme, you get a lump sum or regular income or both against the value of your house or flat. These schemes are available for those with minimum age of 55 years.
Home Reversion Schemes – Under this scheme, you sell your whole interest or a part of it in your home to a reversion company. There is no such thing as monthly repayment here. A big relief! Minimum age to avail the scheme is 65 years.
Both the house Equity Release schemes have their own set of advantages and disadvantages. And thus, you should pick the one which suits you the best. You can also take the help of a professional equity release adviser. Without any doubt, Internet can be extremely helpful here.
Life Time Mortgage – As per this House Equity Release scheme, you get a lump sum or regular income or both against the value of your house or flat. These schemes are available for those with minimum age of 55 years.
Home Reversion Schemes – Under this scheme, you sell your whole interest or a part of it in your home to a reversion company. There is no such thing as monthly repayment here. A big relief! Minimum age to avail the scheme is 65 years.
Both the house Equity Release schemes have their own set of advantages and disadvantages. And thus, you should pick the one which suits you the best. You can also take the help of a professional equity release adviser. Without any doubt, Internet can be extremely helpful here.
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