Equity release is a secured loan obtained against a property like any other residential mortgage; however, the main difference is that you are not required to make any monthly repayments of the capital loan sum. Security of tenure is therefore an important consideration for any applicant. This reassurance is provided by the industry trade body known as SHIP or the Safe Home Income Plans. You have multiple options with equity release such as drawdown equity release, lifetime mortgage, interest only lifetime mortgage, enhanced lifetime mortgage and home reversion.
The lifetime mortgage is one of the most common equity release schemes […]