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You asked: Will there be any repayments to make if I'm accepted for Aviva equity release?No - once you have equity release there are no repayments. The loan and the interest on it only becomes re-payable once you die or go into long-term care (Terms & Conditions apply).
Interest is added on a compound basis - This means that the interest is charged on the amount borrowed and the interest already added. This quickly increases what you owe and will reduce the value in your property, possibly to nothing.
Taking out a lifetime mortgage will reduce the value you have in your home, and therefore the amount of any inheritance you leave. Your tax position and any entitlement to welfare benefits may also be affected.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
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