Equity Release
Compare the plans
If you're not sure which type of plan might suit you best, have a look at the table below which compares the features of the equity release plans offered through Aviva.
This is a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.
| Lifetime mortgage | Home Reversion Plan | |
|---|---|---|
| Is there a minimum age for eligibility? | Yes. This is for individuals, couples or two people living together who are at least 55 years of age. | Yes. This is for individuals, couples or two people living together where the youngest is aged 65–80 years. |
| Is the plan a loan? | Yes. You borrow money; the capital and interest is secured on your home. | No. You sell all or part of your home to the reversion provider, Grainger plc. |
| Can you release all the equity in your home? | No. The amount you can borrow depends on a number of factors including your age and the value of your property. | Yes. You can choose whether you sell all or part of your home. The amount you receive will be less than the full market value of your property because you can continue to stay in your home. |
| Will you have to make any regular payments? | No. There are no monthly repayments, as the interest is added to your loan each year, but this quickly increases the amount you owe. Your loan is paid in full when your plan ends. | No. You can continue living in your home rent free. |
| Do you keep ownership of your home? | Yes. You retain ownership. | No. The legal title is transferred to Grainger plc. |
| Can you live in your home for as long as you like? | Yes. Until you die or go into long term care. | Yes. Until you die or go into long term care. |
| Can you still move home? | Yes. If the new property meets our lending criteria. If the new property is worth less than the current one you may have to pay back some of the loan and interest. | Yes. If the new property meets our lending criteria. If the new property is worth less than the current one, the difference between the old property value and the new property value will be shared proportionally between you and the reversion provider. If you move to a more expensive property, the share owned by the reversion provider will be reduced. |
| Can you still leave an inheritance? |
Yes. Its possible, it depends on the value of your home, when its sold and the amount of your loan plus the interest that has built up over the term of the plan. Although the amount of inheritance you can leave will always be reduced by equity release you can choose our inheritance guarantee to ensure you can leave something for your loved ones. However, this will reduce the amount of money you can borrow. Find out more about our lifetime mortgage inheritance guarantee. |
Yes. Provided you have retained a stake in your property, the value of your share will be paid to you or your estate at the end of the plan. Taking out an equity release product will reduce the amount of inheritance you are able to leave. |
| Do you have to pay tax on the amount you receive? | No. But it may affect your tax position or entitlement to means tested benefits. | No. But it may affect your tax position or entitlement to means tested benefits. |
This is a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.
Find out more on how to apply for equity release
Aviva Equity Release UK Limited. No 3286484. Authorised and regulated by the Financial Services Authority. Aviva Equity Release UK Limited FSA Registration No 310433. Registered in England at 2 Rougier Street, York, YO90 1UU. www.aviva.co.uk
WC07042 04/2011
Contact us
0800 404 6220
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- Saturday
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- Sunday
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Or alternatively arrange for one of our advisers to call you back at a time convenient to you.
For our joint protection, telephone calls may be recorded. We can only advise on our own products.
Are you eligible?
Use our calculator to find out if you could be eligible for equity release, which products may be available to you and how much you might be able to release.
Why Aviva Equity Release?
- We have helped over 100,000 people release money from their homes.
- We have provided equity release for over 12 years.
Related links
Product literature
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