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# 'Flexibility' Is So Important With Equity Release

Also Consider These Products The Prudential and Just Retirement ER plans are called 'lifetime mortgages'. There are however some other options open to people who want to release capital tied up in their homes -

- Home Reversion Schemes - Sell say 50% of the value of your $250,000 home via a Home Reversion scheme (HRS), but depending on your age you'll only receive a percentage of the $125,000 say $75,000
- This amount can either be paid in a lump sum or as an income every month
- You will be able to live in the house till you die, even if you live a very long time (this includes the surviving spouse)
- Say the husband dies first, then the wife, the house will be sold and the 50% share that was initially released will be paid to the HRS company
- But the other 50% can be left to your children, relatives or whoever you so choose
- HRS schemes work best when a property is valued at more than $200,000

- Interest only mortgage - Take out a loan which pays either a lump-sum or income
- The loan is secured against the value of the home
- You pay interest on just the loan and no repayments of the principal
- The principal is paid pack when the home is eventually sold

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