In addition, further loans may be taken as and when you need them with a feature called drawdown.
Many people will use the funds released by equity release to make home improvements, assist family members, repay outstanding debt or even take a holiday or purchase a car.
If you’re over 55 and a homeowner then you may well be eligible, even if you currently have a mortgage secured against your property.
To release equity from your home you will need to get expert advice from a qualified equity release adviser.
There are no monthly payments* to make with a lifetime mortgage. Instead, interest is added to the amount that you owe each month. The loan amount and accrued interest is typically paid back on death or when you move into long-term care.
*However, there are some products that allow you to make voluntary monthly interest payments if you wish.
There are different options with regard to lifetime mortgage products which will suit people with differing needs. PK Group will assess your requirements to see if equity release is right for you. If suitable, we can provide you with whole of market advice to ensure that we find the most appropriate product for your circumstances.