Being a homeowner is hard work and you should never have to give up when releasing equity from your property. With lifetime mortgages, you remain the owner of your home, only having to repay loans once the house is sold or you move into long-term care.
It is a common misconception that equity release will stop you from owning your home. However, this is not true and the majority of plans available will give you full ownership.
Retaining Your Property
A lifetime mortgage does not give up ownership of your home, it is a loan secured against your home. This gives you peace of mind knowing you retain ownership of your biggest asset and you will still be responsible for repairs and maintenance. You also have the option to decorate and improve your home, complete extensions and do anything you like with the property.
Once you receive your loan, there are no restrictions on what you can spend the money on. Whether you use this for your property or holidays, the choice is all yours.
Home Reversion Equity Plans
The alternative option to a lifetime mortgage is a home reversion equity plan. A home reversion scheme does involve transferring legal ownership of your property. However, you will still retain some ownership of your home. It is important to consider if this offers the right type of plan before committing to a home reversion.
Staying At Home
With the plans we offer, regardless of whether you choose home reversions or lifetime mortgages, you are guaranteed to stay in your home for the rest of your life, unless you move into long-term care.