Equity Advance Plan

How does equity release work?

There are two main types of scheme:

• Lifetime Mortgages
• Home Reversions

There are 3 Lifetime Mortgage plans:

• Home Income Plan
• Interest Only Mortgage
• Roll-up Mortgage

A Lifetime Mortgage is usually repaid on the sale of your house, in the event of your death or if you move into a care home, at which time the scheme ceases.

A Home Reversion involves the sale of part or whole of your property to a third party company provider or individual. You receive a cash lump sum with the possibility of a regular income. This type of scheme enables you to retain a lifetime lease of the property and your beneficiaries can inherit any remaining owned share.

 

 

This equity release product may involve a lifetime mortgage. If so, to understand the features and risks, ask for a personalised illustration.

Releasing equity from your home will reduce the value of your estate.