Equity Release

If you're not sure which type of equity release plan might suit you best, have a look at the table below which compares the features of the equity release plans offered by Norwich Union to help you select the right one for your own personal circumstances.

Type of equity release plan	Lifetime mortgage		Home reversion plan
Is there a minimum age for eligibility?		This is for individuals, couples or two people living together who are at least 55 years of age.		This is for individuals, couples or two people living together where the youngest is aged 65 - 80.
Is the plan a loan?		Yes, you borrow money and the loan is secured on your home.		No, you sell all or part of your home to a reversion provider, Grainger plc.
Can you release all the equity in your home?		No, the amount you can borrow depends on your personal circumstances.		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.
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 the reversion provider.
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 conditions.		Yes, if the new property meets our conditions.
Can you still leave an inheritance?		Yes, it's possible, but not guaranteed. It depends on the value of your home when it's sold and the amount of your loan plus the interest that has built up over the term of the plan.		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.
Do you have to pay tax on the amount you receive?		No, but it may affect your entitlement to tax and means-tested benefits.		No, but it may affect your entitlement to tax and means-tested benefits.

This is a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.

We'll help you decide

With our choice of equity release plans, we aim to offer you a solution that fits your personal circumstances. Our decision tree can help you decide whether equity release is right for you.

We recognise that equity release isn't for everyone, so we'll take time to listen to your concerns and help you decide whether it's right for you - and if we think it's not, we'll tell you. Simply book an appointment and one of our advisers will visit you at home to talk you through the information you need to know about equity release and the options available to you.

Call us on 0800 404 6220* to book an appointment. Any advice given will relate only to the products sold or marketed by Norwich Union.

* Lines are open Monday to Friday 8am - 8pm, Saturday 9am - 5pm and Sunday 10am - 4pm. Calls may be recorded and/or monitored.

Norwich Union Equity Release Limited. Registered in England No 3286484. Registered office 2 Rougier Street York YO90 1UU. Authorised and regulated by the Financial Services Authority.

WC07042 10/2008