Equity release
Equity Release has recently attracted a lot of media interest – very simply it is a way in which you can borrow against the security of your home, without having to make monthly repayments. For the more mature homeowners, these plans can be an ideal solution to the problem of insufficient savings or income.
However, if you are considering using the value of your home to improve the quality of your life, it is important you understand what these plans are, how the different types work, what you should look out for and, as importantly, what affect these plans may have on any benefits you are receiving.
The Council of Mortgage Lenders provides a useful guide to Equity Release (PDF 136KB).
