Equity Release Plans from Sixtyplus in UK

A Home Reversion Plan is a type of Equity Release.It involves you selling part or all of your property in return for a cash lump sum and the right to remain in your property rent free until you die or you move into long-term care.Unlike a Lifetime Mortgage the money you receive is not a loan so you pay no interest on it. The reversion provider owns a proportion of your property and takes their share of the sale proceeds when the property is eventually sold.

A Lifetime Mortgage is one type of Equity Release.It is a special kind of loan for retired homeowners.Lifetime mortgages are available from age 55. Although it’s secured on your property, there are no monthly payments to make and it is designed to help you remain in your home for as long as you wish.Interest will be added to your loan and the full amount is paid back when your home is eventually sold following your death (or the death of the second borrower if it is a joint application) or if you move into long-term care or sheltered accommodation.

Equity Release is a way for homeowners aged 55 and above to release some of the money tied up in their property.Many retired people find themselves ‘asset rich and cash poor’.Maybe your pension isn’t as much as you had hoped for but you have seen your property value soar.Maybe you don’t have enough money for the extras in life but do not wish to move house.