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Will I still own my home with Equity Release?
There are a number of different equity release plans available.
A lifetime mortgage is a loan secured against your property that runs until you either enter permanent, long-term care or you die. There are a number of different types available and you are not required to make any repayments, but you can if you wish to. If you decide not to make repayments, the interest is added to the loan amount and can quickly increase the amount owed.
A home reversion plan allows you to exchange the ownership of some or all of your property for a lump sum of cash, along with the right to stay in your property, rent-free, for as long as you live subject to the lender’s terms and conditions. These plans involve the sale of part, or all, of the property and would result in a change to the title deeds and the sale will only achieve a percentage of the property value.
Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. To understand the features and risks ask for a personalised illustration.
