Lifetime Equity Release
A Lifetime Equity Release Mortgage is a mortgage which allows borrowers, typically over 55 years of age, to release money secured against their home without having to make a monthly payment to the lender.
You are free to use the money as you choose. People choose this route as they don’t want to move out of their home, but do need the cash released to help with many things, such as home improvements, paying off debts, or helping other members of their family.
The interest that would normally be paid each month can be added to your initial mortgage account, and this continues for as long as you stay in the property.