Equity release:

• Is a loan for life: the borrower will have no monthly payment. The loan will be repaid at once, ultimately , the death of the borrower, or the borrower is taken in log term care. The loan is reimbursed after the sale of the property subject of the mortgage, or following revocation of the term.

• Allows a home owner to finance anything by taking a mortgage on a property

Equity release is for seniors generally over 55, regardless of their health. The applications can be used for anything including home care, any expenses related to health, gift, pension supplement, investment repayment of loans in progress and so on.

Many examples of fixtures based mortgage loan given in the section Simulation of mortgage .

When you take out an equity release scheme, you keep full ownership of the property when you are alive. The amount of equity release that you are granted by the bank is based on the value of the property, your age, and possible loan capital you have to pay on that property. Upon death, or long term care the amount of equity release (initial capital + accumulated interest) will be covered by the sale of the property