Lifetime mortgages come in four types: lump sum, drawdown, enhanced, and interest only. The first three options can use the same calculator because they are all similar in one thing- they compound interest onto the back of the loan until the loan is paid off. A lifetime mortgage is not paid until the homeowner dies or moves to long term care. At this time the full capital sum is to be paid along…
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Lifetime Mortgages
Using Home Equity Release Schemes to Build a Better Life
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Equity release schemes are a reliable way for homeowners, mostly those over the age of 55, to capitalize on the investment they have made in their home or property. Through release of equity, homeowners are given a cash sum, income, or a combination of cash and income while being afforded the opportunity to stay living in their home. Through these options, the homeowner still owns the home w…