Financial Services > Mortgages > Equity Release Mortgages


This type of mortgage allows you access to some of the value of your home for use in other ways, such as supplementing your income in retirement.

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There are two types of scheme available: one in which you simply take out a conventional mortgage which will need to be repaid at some point, or alternatively you sell part of your home to a specialist company who will become responsible for a proportion of the maintenance costs of the buildings but allow you to live in their part of the house rent free for the remainder of your life.

There are costs and risks associated with both approaches and great care must be taken when considering this type of financial planning. For example, if you do decide to sell part of your home, the valuation placed upon the house will be much lower than its ordinary market value because it will have a tenant in it for an unspecified amount of time paying no rent. This means you may get as little as one third of the value of your house on the open market if you sell half of it to a specialist company in the early years of your retirement.

There are many options that can be explored before resorting to this step and so you should speak to Corrigans before committing yourself to any equity release scheme.