Equity
Release Mortgage ( ERM ) - Mortgage Information
What
is an Equity Release Mortgage?
Equity
Release Mortgages (ERMs) are aimed at the more mature borrower and
enable homeowners without a current mortgage on their property to
release some of the cash (equity) accrued in the property over the
years.
ERMs
are also available for applicants who have a small existing mortgage
too. It is very customer friendly because there is no possibility
of the property being repossessed, the borrower retains ownership
of property and the loan is usually transferable to a new property
should the borrower wish to move. The equity release mortgage, including
accrued interest is simply repaid when the property is sold.
List
of Major Mortgage Lenders
OCIS
provide general financial information, we urge you to consult an
Independent
Financial Adviser ( IFA )
before making any important decisions about your finances. |
