Equity release allows individuals aged 55 and over to release money from the property they live in without having to make any monthly repayments.
There are two types of equity release; Lifetime Mortgages and Home Reversion plans. Both of these are regulated by the Financial Conduct Authority.
By using an equity release product, a home owner can draw a lump sum or regular smaller sums from the value of their home, whilst remaining in their home. Equity release can play a crucial role in retirement funding; the flexibility and safeguards built into plans, which comply with the Equity Release Council product standards, enable thousands of home owners to tap safely in to their housing wealth without having to worry about monthly repayments.
Many retired people have found themselves ‘asset rich and cash poor’. Maybe your pension isn’t as much as you had hoped for, but you have seen your property value soar.
With all Equity Release Council approved plans there is a ‘no negative equity guarantee’ which means you and your family will never owe more than the value of your home. Home equity release can be an ideal way of supporting yourself in later life or simply used to give your bank balance an extra cash boost!
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