• You can drawdown cash by making withdrawals as and when you need them, or you may be able to request a monthly income.
• You only pay interest on the amount of equity released, so interest could accumulate more slowly than with a regular lifetime mortgage.
• You are in control of your money as you can release cash when it suits you.
• You retain full ownership of your home.
• Drawdown lifetime mortgages may be available to younger people (aged 55+)
• All equity release plans are regulated by the Financial Services Authority including drawdown plans.
• Some drawdown lifetime mortgages let you guarantee an inheritance for your family.

• Interest rates are usually higher on a drawdown plan than they are on a standard lifetime mortgage.
• If you want to increase the amount of equity released beyond the original amount agreed, you would normally have to apply for a further advance, which is not guaranteed.
• There are restrictions on the minimum amount you can release.
• The amount you can leave as an inheritance will be reduced.
• The interest applied can grow quickly as it is compounded.
• You can't usually raise as much money through equity release with a drawdown lifetime mortgage as you could with a reversion plan, especially at younger ages.
• If you repay the lifetime mortgage loan early, you may have to pay an early repayment charge.

There are four types of equity release plan currently available:
Lifetime Mortgage
Drawdown plan
Home reversion plan
Home income plan
Equity release

All equity release plans recommended are complemented with a set of guarantees to ensure your safety:
No monthly repayments to make in your lifetime
Stay in your home for as long as you want
Move if you wish (subject to provider criteria)
A no negative equity guarantee so the amount owed will never exceed the value of your home.

Download your free guide to equity release by following the link above and/or talk to one of our specialist equity release advisers to find out how much cash you could realise.