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What types of equity release are available?
There are three main categories of equity release, and within each of these are numerous different plans.
· Lifetime Mortgage - allows you to release a lump sum from the value of your property, with the amount released plus any interest accrued repaid out of your estate when you pass away or move into long-term care.
· Drawdown Lifetime Mortgage - similar to a lifetime mortgage, but with added flexibility, as the cash can be released over time, as and when required, which can reduce the amount of interest accrued. · Home Reversion Plan - you surrender some or all of the ownership of your property in exchange for a lump sum of money and the right to remain living in the house, rent free, for as long as you live.
Of course, in order to get the most benefit from equity release, it is extremely important that you choose the right plan to suit your individual needs and circumstances, which is why advice from specialists such as a Independent Equity Release Professional can make a big difference.
For more details on any of the above, call us, on 07905 644642 or send an email.
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