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National Equity Release Pension Conference

Determining Which Equity Release Plan is the Right One

People who are considering equity release can choose from three main equity release schemes. These include the lifetime mortgage, the interest only lifetime mortgage and the home reversion plan. In order to determine which equity release plan is the right one for you, you need to know the difference between each plan.

The home reversion plan allows homeowners to sell all or a part of their home to a home reversion company at a discounted price. This price is normally between 20 – 60% of the current market value of the property. By signing a document called a lifetime lease, you will be legally allowed to remain in the property until your death or the death of your spouse. During this time, you will not be required to pay rent but you will still be responsible for taking care of the property and making sure it remains in good condition.
Once you die, your property will be sold and the home reversion company will receive its share. If you sold all of the property, all of the sales proceeds will go to the home reversion company. If you sold only a percentage of the property, the home reversion company will receive only a percentage of the sales proceeds.

Lifetime mortgages do not involve the selling of the property. Instead, you are allowed to use the property to obtain a loan which requires repayments only if you or your spouse dies. Most lifetime mortgages with the exception of interest only lifetime mortgages accumulate the interests which are repaid once the property is sold. In most cases, the interest charges are compound interest which simply means that you will be paying interest on top of interest. You will remain the owner of your property until your death and will be allowed to live in your property as long as you like. Most lifetime mortgages offer what is known as a no negative equity guarantee which simply means that the amount borrowed and the accumulated interest can never exceed the value of the property which means that you will never have to repay more than what you have.
 
The interest only lifetime mortgage is similar to other lifetime mortgages with the exception that you are required to make monthly repayments of the interest amount. This means that eventually only the amount borrowed will have to be repaid. Interest payments will continue for the life of the loan. This is because the principle will always remain outstanding until you sell the house or if you die in which case the house is sold so the payment can be made.

Which equity release plan you are interested in will determine what a financial adviser will talk to you about. You should always ask about the different products and what might be new to the market. For example enhanced lifetime mortgages are newer than all others.
This enhanced mortgage is meant for those who have an illness that could affect your life expectancy. You are able to get a larger lump sum because of this.

Besides the regular lifetime mortgage, interest only, and enhanced special mortgage, you have a drawdown mortgage option. The drawdown mortgage does not give you a lump sum and end the payments. Instead, you get a smaller lump sum and then you can take instalments.

The instalments you take are up to you. As long as you do not take the full amount available to you then you will not pay interest on it. You see you only pay interest on the amount of money you actually use. This can save you from using all the equity in your home and perhaps keep something for your beneficiaries.

There are only two plans that truly guarantee a lump sum for your beneficiaries. The interest only loan because you take out only a portion of money from the equity and not the full amount. You make payments keeping the principle from ballooning unlike it can with the regular lifetime mortgage options. Home reversion is the other option that nearly guarantees your family inheritance. This is because you do not have to sell the entire home, but a portion of it. The cash is also yours and not from a loan.

Each equity release plan vary which means that you will need to do sufficient research to make sure that you fully understand the details of each plan to pick which equity release plan is best for you. If you want to be sure that you are choosing the best plan, you may want to hire an independent financial adviser or visit www.EquityReview.com for free professional advice.


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