My brother in America has suggested I consider a reverse mortgage to raise some money from my house, what is a reverse mortgage?
A reverse mortgage is a description used in several other countries such as USA and Australia to describe what we call lifetime mortgages in the UK.
A reverse mortgage or lifetime mortgage is an equity release scheme which allows homeowners aged 55 plus, to release some of the equity in the property and receive either one lump sum or a facility to drawdown over time. Unlike ordinary mortgages, roll up lifetime mortgages allow you to choose to defer repaying any interest until you or the last applicant dies, sells the property or moves into permanent long term care.
To discover more about lifetime mortgages visit lifetime mortgages.