If you live in the US region, then you will know what reverse mortgages are, however if you use the term reverse mortgages in England, you may find people don’t know to what you are referring. This is because the term reverse mortgage, or more accurately the financial product known by that name in the US is called equity release in England, so what you need ask about is an equity release mortgages.
People who are looking for financial freedom, look towards home equity mortgages as a way of releasing funds from what is most commonly their most expensive asset. In times when the economy is harsh, a home equity conversion mortgage can seem like a way out of a financial hole, however one needs to be aware of reverse mortgage scams that are around that seek to take advantage of people who are in vulnerable positions.
This is particularly notable if you are a senior, as most reverse mortgage scams target seniors, with no family or support. Seniors are most vulnerable to this type of problems because reverse mortgages (or equity release plans) are only usually available to seniors over 55.
For the best advice on reverse mortgages in England, seek advice from a registered financial adviser. If you are someone who seeks to know how does a reverse mortgage work, then they will be able to explain this further and also recommend suitable companies to you.
If you are from the US, and have a property or relative in England who wants to find out more about reverse mortgages, then check out Safe Home Income Plans (SHIP) as well. They are the membership organisation for companies who offer home income/equity release/reverse mortgage products.