When working hard to become a homeowner, you should have to give this up with a poor equity plan. With lifetime mortgages, there are several equity plans available which allow you to retain home ownership regardless of how much equity you would like to release.
Who Owns Your Home?
With all lifetime mortgages, you remain the sole owner of your property and never have to give up ownership. As a lifetime mortgage is a loan secured against your property, you can have peace of mind knowing your biggest asset will remain in your possessions. This gives you the opportunity to carry out maintenance and repairs, home improvements and other property changes as your home will still belong to you.
There are also no restrictions on what you can spend your money on. If you want to use this for home improvements, you can, with no restrictions on what you use the money for.
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Home Reversion Equity Plans
Home reversion is the other type of equity scheme that is available. This is different to a lifetime mortgage as plans will involve transferring the legal ownership of your property. If home ownership is important, lifetime mortgage plans are always the best option for your needs.
Regardless of which plan you choose, you will still have the guarantee of staying in your home for the rest of your life or until you move into long-term care. The plan will come to an end when this happens.
If you would like to discuss the equity plans we have available. Do not hesitate to get in touch. We can always find a plan that meets your needs and also allows you to retain sole ownership of the property. Call us today on 01268 799211 or fill in our contact form to make an enquiry.