Compare Property Equity Release plans with the latest mortgage calculators to find out how much tax-free cash you could release. Review the leading UK companies offering equity release plans to get the right deal and product from the best provider.
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Yes home reversion other wise known as equity release allows you sell some or all of your home to a home reversion provider. You can normally get between 20% and 60% of the market value of your home via a lump sum or regular payments.
This is a financial agreement in which you relinquishes all or part of the ownership of your home in return for a lump sum. You will continue to have the right to live in your home. In most cases you'll still be responsible for maintaining your home, even though you no longer own it.
You will need to meet certain conditions to take out equity release If you have a lifetime mortgage you need to be at least 55 years of age. For a home reversion plan you need to be at least 65 years old.
It depends on the provider so it’s worth comparing. Typically there’s a set charge as well as an interest charge. Current rates are between 5% and 6% and in some cases can be fixed for the lifetime of your loan.
You can usually release up to 50% but this does depend on providers. You will be charged around 5% on the amount of cash you release. You can choose to take this as either a cash lump sum or monthly income.
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