Posted on: 02nd Jun, 2004 12:01 am
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.
- 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.
- 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.
Reverse Morgage
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
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
Can Equity Release Options be utilized on income investment property?