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In the third quarter of 2022, lump sum lifetime mortgages were the most popular what is aviva equity release release product chosen by homeowners.
The equity in your home is the difference between the value of your property and any outstanding debt that is owed on your property.
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When it comes to a conventional loan, extra payments can reduce the principal, but the monthly payments remain the same.
My blog post Equity release with an existing mortgage
This what is the average interest rate on a lifetime mortgage called a "reverse" mortgage, because in contrast to a traditional mortgage, the lender makes the payments to the borrower.
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