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 Friday, May 04, 2007 equity release mortgages  Time now: 19:00 PM

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Equity release mortgages are designed for home owners who wish to release equity from their property without having to make any interest payments. Equity release mortgages are available for home owners who are 55 or older.

Choice of lump sum or regular income or both
Retain full ownership of your property
Potential to benefit from future house price growth
lifetime equity release mortgages

Please visit our document centre to download your guide to equity release, alternatively follow the links below to learn more or use our online quote me now facilities and request a quotation and information pack.

Min / Max release
The actual tax free lump sum you receive using a equity release mortgage will depend on your age(s) and the value of your property. The minimum initial mortgage is normally £5,000 and there is no maximum. The minimum monthly income is normally £50 per calendar month. Equity release mortgage providers normally require a minimum property value of £40,000.

Deferred interest
Equity release mortgages are arranged on a deferred interest only basis and are available with both variable, capped and fixed interest rates. A deferred interest mortgage means you make no capital or interest repayments. All interest is rolled up and added to the initial equity released. The total is then repaid to the mortgage provider when your property is eventually sold.

No negative equity guarantee
All equity release providers who are members of SHIP provide a 'no negative equity guarantee'. This means that regardless of the fluctuations in interest rates, regardless of your property value and regardless of the total amount of interest owed by you there will never be any debt from your equity release mortgage passed to your estate on your death.

Moving house
Equity release mortgages offer you the ability to move house in the future, and unlike home reversion plans you can also repay all of the outstanding debt at any time in the future.

Long term nursing care
If you need to move into a nursing or retirement home, your family or the mortgage provider will normally arrange to sell your home, discharge your debt and pay you any balance.

Help & advice
There are many different equity release mortgages available in the UK and it makes sense to take independent financial advice to find an equity release mortgage that offers you the most competitive terms. Please call one of our independent independent financial advisors to discuss your requirements or go to quote me now to request a quote and information pack on equity release mortgages.

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Award Nomination
Our mortgage manager Alastair Rowbottom has been voted in Financial Adviser magazine as one of top 3 UK equity release advisers.

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Retirement Plus launch unique home reversion plan

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