Equity Release Mortgage(or Reverse Asset Mortgage)
Equity release allows a person to cash in on the capital worth of their property. A home doesn't generally provide a person with income until it is sold. Equity release allows a person to raise a loan against the value of their property with their repayment obligations capitalised against the loan. This means that, while they get access to the funds they need and can continue to live in their home, the debt against the property grows year by year. You need to do careful research and take advice before considering whether such an option would be suitable for you.More Glossary Terms
- Assets
- Auction
- Body Corporate
- Borrowing Costs
- Break Costs
- Bridging Arrangements
- Capital Gain
- Capital Value (CV)
- Capitalise
- Capped Loans
- Certificate of Title (of CT Reference)
- Chattels
- Commission
- Company Title
- Conditional Agreement
- Credit Contracts and Consumer Finance Act
- Credit Report (or Credit File)
- Creditor
- Cross Lease
- Current Market Value
- Debtor
- Declaration
- Default
- Default Margin
- Deposit
- Depreciation
- Discharge of Mortgage
- Dividends
- Drawings
- Equity
- Equity Release Mortgage(or Reverse Asset Mortgage)
- First Mortgage
- Fixed Interest Rate
- Fixed Term (or Fixed Rate Period)
- Floating Interest Rate
- Freehold
- GV or Government Valuation
- General Loan
