Home Reversion Schemes and Lifetime Mortgages in Whitton: What is the difference?
Equity release mortgages in Whitton, Twickenham, or Teddington are an effective way of accessing the money tied into your home. There are two ways to release equity from your property, taking a loan against part of it, which is known as a Lifetime Mortgage, or selling part of it with a Home Reversion Plan.
- Lifetime Mortgages: These are both by far the most popular form of equity release, and there are hundreds of Lifetime Mortgage products available on the market. This is a loan that is repaid, along with any interest, when you enter long-term care or you die.
- Home Reversion Plan: With a Home Reversion Plan you sell a portion of your home and when you enter long-term care or you pass away, your house will be sold and the home reversion provider will get their share of the proceeds. We do not generally recommend these products.
Read our blog: How does equity release get repaid?
Each of these products comes with several different features. You can receive the money in a lump sum or over several instalments. It is essential to get the assistance of an equity release specialist who will be able to consider your unique circumstances.
Our equity release advisers will be able to discuss all the things that you may want to consider, including how your equity release payments could affect your benefit entitlements or tax obligations. We will also look at any other alternatives that you might wish to look at.