The equity in your property is the difference between its current market value and any outstanding mortgage or loan secured upon the property. Equity release schemes can be extremely useful for those who do not wish to move but wish to use their home to raise finance later in life. The loan often does not require monthly repayments and is repayable on death, on sale or in certain other circumstances.
It has become more popular to use equity release for providing increased income in retirement. You need to be fully aware of all the implications before proceeding including any entitlement to benefits and the effect on the value of any inheritance you leave on your death.
Our conveyancers provide full advice on the legal implications and effects of the loan.