Barnum Productions Blog

Lifetime mortgages and drawdown plans are two types of Equity Release.There are differences between the two. Lifetime mortgages and drawdown plans are both plans that allow you to take out a mortgage on your current home without having to set up a repayment plan. The interest and the payments simply are deferred until you eventually sell your home. The major difference between a lifetime mortgage and a drawdown is that the drawdown plan offers the consumer more flexibility in how the money is disbursed. With a lifetime mortgage, you may choose to receive payments at regular intervals or a lump sum at once. Drawdown plans offer you the flexibility to draw on the equity as you need it.

This entry was posted on Tuesday, November 25th, 2008 at 10:13 pm and is filed under Home.