There are several types of home equity release schemes. Each one allows the home owner to release equity (cash) from the value of their home this maybe from a lifetime mortgage, or a home reversion plan.
Lifetime mortgage; You take out a loan secured on your home and continue to own your home, you will pay back the mortgage from the sale of your home at a later date, perhaps if you (and your partner) die or go into a care home.
Home Reversion; You sell all or part of your home to a reversion company, although you no longer own your home you will continue to live there as a tenant of the reversion company.
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