Glossary Of Terms
This glossary is designed to give definitions to words and abbreviations you might have come across whilst using this website.
All
Lifetime Mortgage
A type of equity release. Sometimes referred to as Retirement Interest Only mortgages or Later Life Mortgages. Although referred to as the same, they are in fact similar but different solutions.
NNEG
No Negative Equity Guarantee – this is a guarantee offered by some providers to ensure that borrowers know that if house prices fall, they will never owe more than the market value of their home to the lender.
Retirement Interest Only Mortgage
A Retirement Interest Only mortgage is a loan secured against your home. You have to pay the interest off monthly, but the full amount of the loan isn't usually repaid until you die or move out of the home into long-term care. Unlike other types of equity release, with a Retirement Interest Only Mortgage, your home may be repossessed if you do not keep up repayments.
Equity Now do not provide equity solutions directly. We use a panel of regulated equity solution providers. There is no fee for our advice and you are under no obligation to continue with any of the products offered to you. We will assess your current financial situation and clearly breakdown all the available options to you. Any potential risks involved with the solution offered will be clearly explained to you by an authorised and regulated adviser on our panel. Equity Now may be provided with an introductory fee by our partners subject to the equity solution chosen.
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