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Equity Release
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Mortgages made simple is a marketing website and not a lender or a broker. It does not sell or recommend mortgages.
Mortgages made simple act as an introducer in this specialised market, our information is for your benefit, when you request further specialised information regarding Equity release and lifetime mortgages, we will contact our Network supplier who will be able to assist and advice you further.
Equity Release is becoming more popular today as more and more older people these days are asset-rich but cash-poor, this is because a majority of their wealth is tied up in their property. Equity release schemes allow you to access some of that equity as cash or income. You can opt for a lifetime mortgage or a reversion scheme. A lifetime mortgage gives you a lump sum now or an income for life, via a loan secured on your home. Interest is charged, but is accumulated over time and not repayable until you die or go into long-term care, when the home is sold. When this happens the capital and interest are both paid off by the money raised from the sale, in one go. With a reversion scheme, you sell part or all of your property in return for a cash lump sum or income. Equity release schemes have been around for more than 25 years, but some consumers have been wary of them in the past. Now, however, lifetime mortgages are regulated by the Financial Services Authority (FSA). And almost all lifetime mortgage providers are members of Safe Home Income Plans (SHIP). SHIP's code of practice guarantees that you or your estate will never owe more than the value of your property, and also guarantees that you will be allowed to live in your property for the rest of your life, or until you have to go into residential care. Check our Guide to equity release Equity release guide.