Equity Release

If you own your home, equity release is one way to fund retirement years. The value of your home minus any outstanding mortgage, described as your 'equity', can be released with a lifetime mortgage . which releases a lump sum from the value of your property. The amount released plus any interest accrued is then repaid with the sale of your estate when you pass away or move into long-term care. Alternatively, a home reversion plan would see you surrender some or all of the ownership of your property in exchange for a lump sum and the right to remain living in the house, rent free until it is sold on death. Proper legal advice should be taken before you commit yourself to such an arrangement.