Equity Release Mortgage

Sam · Posted: Wed Jun 02, 2004 12:01 am Post subject: Equity Release Mortgage

Equity Release Mortgage enables a person to enjoy the capital tied up in his property. It is also known as life time mortgage. It allows a person to release a percentage of the value of his property, either as -

Lump sum.
Monthly cash release.
A combination of lump sum and monthly cash release.

There are two types of equity release mortgage:

Equity release cash plan mortgage - Gives a person a guaranteed fixed monthly release and the option of receiving lump sum cash as well.
Standard equity release mortgage - Gives a person lump sum cash at the start of his mortgage.

Benefits of equity release mortgage are as following:

There is an option to choose either a fixed interest rate or capped interest rate during the life of the mortgage.
A person does not need to have an income to apply for an equity release mortgage.
No monthly repayments are required.
No negative equity guarantee.

Guest 0.10 Dollars($)

Reverse Morgage

colin · Posted: Thu May 03, 2007 4:53 pm Post subject:

Hi Andy,

Welcome to Mortgagefit forum.

You have not given much information, but it seems you want to know how reverse mortgage program works.

It is a home loan which is meant for senior citizens who are aged 62 or more and provides a means for them to convert equity in their homes into cash. You will get a clear idea of how the whole process works after you go through this page: Reverse Mortgage: Home loan for seniors

Colin

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