If you are considering equity release mortgage, there are many different schemes available on the market. Surely, all of them come with their own pros and cons. In general, individuals (refers to elders) choose the certain type due to the range of advantages they could get. It would be best to speak with an adviser to fully understand equity release, by which you will know how it would benefit and affect you.
For your information, a lifetime mortgage is the most well-known kind of equity release plan, is a credit secured against your home which furnishes you with a tax-exempt money single amount to spend as you wish, with commonly no month to month reimbursements to meet. You get a single amount and keep up 100% home possession. Self-multiplying dividends are added to the lifetime contract credit all through your lifetime. With so many options out there, get to know each of them first before choosing which type of equity release you will choose from.