What is equity release?
Equity release is a way of releasing the wealth tied up in your property without having to sell it and move to another home. It is designed to help homeowners aged 55 years or over who either own their property outright, or have relatively small mortgages left to pay.
What can equity release be used for?
- To supplement your pension income and cover living expenses
- To maintain your standard of living
- To carry out some home improvements
- Help family members, such as children or grandchildren get on the property ladder
- To settle a repayment mortgage or clear the balance on an interest-only mortgage
- Consolidating loans and credit cards
- To take that holiday of a lifetime