09:20 17 March 2013
An equity release mortgage is a mortgage that allows the owner of the house to stay in their home for life all the while earning money continuously from their home. It is extremely useful for the older population who do not plan on leaving their home to a loved one.
The downfall of this type of program is that your home is usually the collateral for this type of program, and it is usually the repayment of the loan upon the time of the death of your beloved mother or father.
There are several different types of equity release mortgages out there in the market for the nation. The several different types are what give you the best quality of life depending on which option the owner chooses.
There are five main types of the program currently available. They are a lifetime mortgage, interest only, a home reversion, a shared appreciation mortgage and lastly a home income plan.
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