What is an Equity Release Plan ?

An Equity Release Plan (commonly known as a reverse mortgage) is a  loan designed for people aged 65 and above who wish to access the equity that they have accumulated in their own home. An equity release  plan enables the borrower to unlock the equity in their home and convert it into cash  - either as a lump sum, income plan, or a combination of both.

An equity release plan requires no monthly repayments throughout the life of the plan. The interest is simply capitalised (progressively added  to the amount borrowed) and only becomes repayable when the borrower sells their home, moves out of their home permanently, or when the  last surviving borrower passes away. Vision will not benefit from the capital growth in your property.

It is simple. The only requirement for a Vision Equity Release Plan is that the youngest borrower is over 65 years old and owns their own home. If the borrower has an existing mortgage on their home, it is repaid  by Vision and any surplus is available for the borrower when ever it is needed and for any purpose.