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There are two types of equity release plan that you should consider, if you believe that you qualify for equity release:
1. The home reversion Plan; this allows you to sell a percentage of your home; the loan is redeemed upon the sale of your home. The interest that the lenders receive takes the form of the increase in the value of your property.
2. The equity release Mortgage plan: the mortgage plan works in a similar way to a standard mortgage, however it has one big difference; the interest does not have to be paid monthly. You can borrow an agreed sum of money against your home, and not pay any interest until the property is sold, at this point the lender redeems the loan, plus any interest accrued.
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