Most Equity Release arrangements do not require you to make any repayments. Instead interest is added to the sum you borrowed and is “rolled up”. Your debt will increase but there is usually no need to repay it until your death or the point you move into residential care.
Some arrangements will let you pay some or all the monthly interest and this can reduce the overall cost of the loan. Most will let you move home provided your new property meets the lender’s criteria, although if the new property has a lower value, you may have to repay part of the outstanding loan amount.
For further information, or to arrange a no obligation appointment, contact us today by telephone on 01626 242500 or email [email protected].