The following two pages look at the two main types of Equity Release: Lifetime Mortgages and Home Reversion Plans.
Historically Equity Release has had many different names and in addition to the two above have also been known as Shared Appreciation Mortgages, Home Income Plans as well as Property Release Plans. More recently some Retirement Mortgages now fall under the regulation of Equity Release.
The different types of Equity Release scheme will have different features and will benefit you in different ways based on your circumstances, needs and future plans. For this reason having read through our guide if you decide to look more seriously at releasing some of the value of your home you should seek professional Equity Release advice. We strongly recommend either a Whole-of-Market adviser or Independent Financial Adviser and we can introduce you to a local adviser based in Norfolk.
Most Equity Release providers offer schemes that are covered by the Equity Release Council. The ERC is the industry body for the equity release sector and was born from an expansion of the remit of SHIP – formerly Safe Home Income Plans. The ERC puts in place a number of safeguards and guarantees for consumers which means that people who use equity release products offered by Equity Release Council members can have confidence in the products they use and the information they receive.