What’s included in the reviews?
For each review we have included information on the company’s background, awards they may have won, eligibility and the range of products they offer, including additional information we think may be of importance to you such as how interest is calculated.
The majority of providers offer two types of equity release scheme although the details may vary:
- A Lifetime Mortgage
- A Home Reversion Plan
With a lifetime mortgage, a loan is secured against your property that incurs interest and is only paid off once you die or move into care. So you get a tax free sum of money with no monthly repayments and you still own 100% of your property.
Having said that, there are a number of different types of Lifetime mortgage that let you pay some of the interest back, or release the money in stages so you only pay interest on the money you have used.
You can read more about the options available to you in our Lifetime Mortgage section
With a home reversion plan you agree to sell part or all of your home in return for a tax free cash sum. You will therefore no longer own all of your property however you do get to live there rent free for the rest of your life or until you move into care.
At this stage the property would be sold and the plan provider would receive their part of the proceeds, based on the percentage of the property they own.
You can read more about the options available to you in our Home Reversion scheme section