smaller text
bigger textEquity release
-
We understand that some people may confuse the Lifetime Lease with equity release products such as Lifetime Mortgage and Home Reversion. In fact the Lifetime Lease is very different.
The Lifetime Lease involves just one payment on a property that you wish to move to. This then guarantees you a lifetime's enjoyment of the property with no interest, rent or mortgage payments to make. This is unlike the Lifetime Mortgage where you release equity from your current property in the form of a lump sum or staged payments, this is essentially a loan which incurs interest which is payable upon the sale of the property.
A Home Reversion plan allows you to sell all or part of your home to a reversion company. You then receive a tax-free cash lump sum and the right to live in your home for the rest of your life.
Homewise do not provide either equity release products.
