Equity release, lifetime mortgages and home reversion plans
Equity release schemes are a way for homeowners to generate a lump sum by re-mortgaging if they have enough equity in their property. It is particularly common among older property owners who wish to free up some cash to help them in their retirement.
There are two types of equity release schemes. Firstly through a lifetime mortgage which allows homeowners to borrow against their property and defer the interest payments until they die or sell their home. The second type of equity release scheme is called a home reversion plan which allows homeowners to sell some of their property to a third party.
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