Equity Release
Equity release is available to homeowners aged 55 or over. It involves unlocking the money that may be tied up in your home, minus any mortgage.
Different Types of Equity Release
There are two main types of equity release, the most popular is a lifetime mortgage as with this type of equity release plan you continue to own 100% of your own home.
The alternative is a home reversion plan, which involves selling some or all of your home in return for a lump sum of cash. This is much less common, but is still offered by many equity release providers.