These funds can be used to supplement your income or savings.
There are two types of equity release options
The first is taking out a Lifetime Mortgage, this effectively allows you to borrow against the value of your home. Repayments will not be due during the lifetime of the loan, but will accumulate and will be repayable upon death or if you go into long term care.
The second option is a home reversion plan, this requires the sale of either all or part of your property to release the funds. Here you retain the right to continue to remain at your property rent free until your death.
The main advantage of equity release is that you need not downsize nor sell your home in order to benefit from cash tied up within your property.
However, equity release should only be an option once you fully understand the implications of the process.
It is important to consider all the factors before choosing to do equity release, why not give our friendly expert property team a call for an initial free chat on 01202 802807.
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