UK Mortgage and Insurance Brokers

Equity Release

Equity release schemes are designed to allow older people, minimum age 55, to supplement their retirement income or provide a cash lump sum by turning part of the value of their homes into usable cash .Put simply, equity release is a way for clients to release some cash from their home without having to move. There are two main types of plan available – lifetime mortgages and home reversion plans.

Lifetime Mortgages

Customers take out a loan on their property which is repayable with interest in the event of their death or if they go into long term care. Rather than paying monthly repayments like a normal mortgage, the interest on a lifetime mortgage is rolled up throughout the term of the loan.

Home Reversion Plans

Customers sell a share of the value of their property in exchange for a cash lump sum. If they die or go into long term care, the property is sold and the reversion provider takes its share of the sale after costs have been deducted. The remaining share is paid to the customer or their estate.

Equity Release Market in the UK

Has changed significantly from the early home income plans of the late 1980's and early 1990's. With an ageing population and UK house price inflation these are just two of the contributing factors to the significant growth in the market over the last ten years. The market was worth £1.09 billion in 2008 (source:SHIP, Q4 2008). It is generally accepted that the market for equity release is set to continue growing. This is due to a number of cultural, economic and emotional factors that are driving people to use the equity tied up in their homes to help supplement their income

Web Resources

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Compare & Research the whole equity release market. Free eligibility calculator. Free home equity release schemes quotes and information packs available now. Freephone 0800 9881289.
www.theequityreleasebureau.co.uk

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