The guide to using equity release to unlock property wealth later in life
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Are you considering using equity release to unlock some of the money tied up in your home?.
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The most common equity release is a “lifetime mortgage”. A lifetime mortgage is similar to a loan secured against your home. However, rather than making regular repayments, the amount you owe, along with any interest accrued, is usually rolled up. The debt will be paid when you move into long-term care or pass away.
As a result, a lifetime mortgage could be a useful way to boost your finances now without increasing your regular expenses.
One of the benefits of equity release is that you don’t have to make repayments. However, you do have to consider the drawbacks, one of which is the amount you eventually owe could be much higher than the money you’ve withdrawn from your property.