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Rates may be lower: This type of mortgage is usually structured as an adjustable-rate loan, which may result how does equity release work in uk lower rates than a fixed mortgage.
Lifetime mortgages allow homeowners who are aged over 55 to borrow money against what is the difference between equity release and home reversion value of their main residence, whilst still retaining 100% ownership.
The property you take equity release on (the security), must be valued over £70,000, and you must clear any mortgages when the equity release interest rates calculator release starts.
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