Equity release

Equity release is a type of mortgage secured on your home. Equity release mortgages are also referred to as lifetime mortgages.

With an Equity release mortgage you can draw some of the equity in your property to spend as you wish. The equity is the difference between the property value and any mortgage. You cannot borrow all of the equity available and each Equity release mortgage lender will have its own limits.

The reason you cannot borrow all of the equity is because you do not make any interest payments on an Equity release mortgage. The mortgage does not have a set repayment date and all interest charged is added to the Equity release mortgage amount each year. This gives you the ability to borrow some money without having to make any monthly repayments.

If you are a homeowner aged over 55 then Equity release is available to you. However, Equity release is not suitable for everyone and it is also a good idea to discuss any Equity release plans with your family.

There are many types of equity release mortgage and it pays to take good advice from a professional adviser who is experienced in such matters.

Equity release

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