Aviva equity release

To date Aviva (Norwich Union) has helped over 80,000 people release more than £2.5billion worth of equity tied up in their homes. They follow the Safe Home Income Plans (SHIP) Code of Practice for both lifetime mortgages and home reversion plans, and are fully regulated by the Financial Services Authority (FSA).

Aviva provides general information on their website to help you understand equity release. It is categorised by:

• Unlocking your retirement
• Why consider equity release
• Choice of products
• Industry regulation
• Things to consider

Which Aviva (Norwich Union) equity release product is right for you?

The only person that can make that decision is you.

Aviva offer two types of equity release:

Lifetime mortgage - This is a loan secured against your home. When you die or if you move in to long-term care the original loan amount and interest are repaid by the sale of your property.

Home reversion plan - Rather than a loan secured on your home, with this type of plan you actually sell some, or all, of your home to the home reversion provider. In return you are paid a lump sum/ income at the start of the plan and allowed to continue living in the property with either no or minimal rent.

Understanding equity release can be confusing. So if you're thinking of releasing equity from your home be sure to do your home work. You should be fully aware of the types of equity release products available and how they will impact your retirement. For that reason Aviva goes the extra step to make sure you have all the information you need to make an informed decision.

On your approval one of Aviva's expert advisors will sit down with you, in the comfort of your home, to discuss the positives and negatives of equity release and to see if it is right for you.