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How much could you borrow?
Our property value guide will help you understand how much you may be able to borrow.
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A Lifetime Mortgage enables you to release equity secured against the value of your property. The interest charged is ‘rolled-up’ and added to the loan.
This means that you don’t have to make regular payments, so the amount you borrow, and the interest incurred is repaid when your home is sold.
However, voluntary interest payments can be made and most lenders will allow you to repay a proportion of the initial amount borrowed each year without a penalty.
Home Reversion involves selling a percentage of your home’s equity to a specialist lender who will give you the right to live in your home rent free for the rest of your life.
You’ll receive a lump sum, regular payments, or a combination of both, which is repaid when the property is sold.
A RIO is a mortgage secured against the value of your home. You make regular monthly interest payments so that the overall amount you owe will not increase over time.
The loan does not have to be repaid until you sell your home, pass away or move into long-term care.
It is important to note that your home could be repossessed if payments are not made.
Our property value guide will help you understand how much you may be able to borrow.
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55Plus is a trading name of Mortgage Salad Ltd which is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 566220.
We charge a fee for equity release advice. The precise amount depends upon your circumstances. The maximum fee will be £1,495 payable on completion. We will also be paid commission from the company that lends you money or buys your home.
Registered office: 12 Trinity Close, Tunbridge Wells, TN2 3QP.Registered in England and Wales No. 5941708