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Types of Equity Release Loans Available at Age Partnership

If like so many you've worked hard all your life to pay off your mortgage then you deserve something to show for it during your retirement years. Your savings or pension fund may not be enough to give you the life you want and thousands of pounds are tied up in your property but you don't want the hassle of downsizing to free up some of that hard earned cash. That's why many people aged 55 and over are getting equity release loans with Age Partnership as a way of raising extra cash to help enhance their retirement years without having the hassle of moving home.

Free up the value in your home with an equity release loan through Age Partnership

Equity release loans allow you to increase your income substantially by freeing up all or part of the value of your home. There are three main categories of equity release and within each of these, Age Partnership can advise on many different plans. They are Lifetime Mortgages, Drawdown Lifetime Mortgages and Home Reversion Plans. Each category is summarised briefly below to give you an idea of what's available. Each one is worth considering closely before making a decision about which plan to go for.

Lifetime mortgages

These types of equity release loans allow you to release a large amount of cash in one lump sum from the value of your home. You remain the homeowner and there are no regular repayments to make as the amount you have released, plus interest, is repaid from the proceeds once your property has been sold.

Drawdown lifetime mortgages

This is another type of lifetime mortgage but if you're not looking for a lump sum this offers added flexibility as you can access the funds as and when you need them. This can also have the added bonus of lower interest because you only accrue interest on the funds you use.

Home reversion plans

You give up ownership of part or all your property in exchange for a large lump sum of money but with this type of equity release loan you remain living in your home, rent free, for as long as you live or until you move into long-term care.

Each category can provide many benefits depending on your individual needs and circumstances so it's worth talking to one of Age Partnership's specialist equity release advisors on free phone 08080 555 222 for up-to-the-minute information on our equity release loans. Our advisors will be happy to discuss any queries you many have.

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