Equity Release- Lifetime Mortgages
equity release schemes are meant to facilitate senior citizens. Lifetime mortgages are the form of equity release plans. Some of the features of these plans are as follows:
• It offers a secured loan, which means that the lenders are able to get their money back by selling the borrower’s house.
• The borrower is able to live in the house as an owner of the property; however, he will have to pay back the mortgage on it.
• The lenders are able to sell your home after your death or in case you move in the new place such as old age home.