mortgage reverse

[dowhatyouwant]

We are a married couple around early 40's and late 30's with no kids. We have a mortgage on our home and plan to repay it all within the next 5 years and live with mortgage reverse in our senior life on the top of state pension & private pension contributed(15 years)

Could you let me know how it works if you know any?

Would we still need to contribute private pension if we will get mortgage reverse?

What is mortgage reverse, is it like the bank buying the home back from you, in installments?

my mistake .. it's reverse mortgage

As I understand it, a reverse mortgage is an equity release scheme, mostly offered in the US. You get some of the capital value of your home either as a lump sum or in installments and it gets paid back at some point in the future e.g. when you die. I've heard mixed things about these schemes, the costs can be high, and you really need to do your homework before opting for one. The BBC's Moneybox programme did a feature on Equity Release back in 2010 Programme Link Here Worth a listen.