How it works
If you are over the age of 55, an IOLM could allow you to:
- Release a cash lump sum via a mortgage secured on your home
- Keep full ownership of your property
This can be the most cost effective method of equity release. As long as you keep up with payments.
It allows you to repay the interest charges monthly. If you keep up with the interest payments, the amount you owe never goes up.
To qualify, you must meet the provider’s affordability criteria.
If you cannot afford or choose not to make full repayments, there is another way to pay. You can elect to make partial payments to help reduce the long-term cost.