Crown were formed in 2001 and use private investors to fund their home reversion plans. These home reversion plans follow the Code of Conduct of the Equity Release Council (the industry’s trade body) of which they are members and so their clients will always have the peace of mind of knowing that they are lifetime tenants and cannot be evicted from their property.
Crown are different because as their home reversion plans are funded by private investors, they offer great flexibility on the types of property they will accept, which are often outside other lenders standard property criteria.
Crown Equity Release provide the facility to sell any amount up to 100% of the property value as well as offering a capital and monthly payment plan.
For those seeking to leave a guaranteed inheritance, home reversion plans still have their part to play. While their popularity has reduced and now very few are taken out, home reversion plans can still offer a guaranteed inheritance and are available on properties that most lifetime mortgage lenders may not accept.
Do the high street banks offer lifetime mortgages?
The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.
Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement
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