All you need to know about the Equity release

Equity release is an alternative to selling your property. It allows you to unlock the value of your home by accessing some of the equity you have built up in it.

Equity release is a way of getting cash from the value of your home without having to sell it. Most equity release plans allow you to continue living in your home as long as you wish, whilst releasing a portion of the value for you to spend on things like retirement income or other projects.

Home Reversion Plan: This plan allows you to receive a monthly income from the value of your property until its eventual sale. You can also take out a loan against the property for improvements or other purposes.

Home Drawdown Plan: This plan allows you to receive a lump sum payout from the value of your property when you want it and need it most – such as when needing extra funds for retirement or other purposes.

Life Annuity Plan: This plan allows you to receive an income every month that lasts for as long as you live (or until age 85). This type of plan is usually ideal for older people who want predictable monthly payments but don’t want to be tied down

Equity Release is a way of accessing the value of your home, without having to sell it. It’s a way to unlock the equity in your property, but not all Equity Release products are the same.

The Equity Release market is complex and there are lots of different products on offer. You need to understand how each of these works before making any decisions.

Equity release is often described as a ‘second mortgage’ because it’s secured against your property. However, that’s not strictly true. A conventional mortgage is secured against your house, whereas an Equity Release product secures against any increase in value that might occur over time. This means that you can choose which assets you want to use as collateral for your loan and retain full control over them – including selling them whenever you want.

Equity release is a complex financial product that is often misunderstood. Equity release can be used to raise money to help with home improvements, consolidate debt or pay off funeral costs.

The first step is to assess your home’s value and whether you are eligible for equity release. You can do this by using the equity calculator on our website.

The second step is to compare all the equity release providers who can offer you the best deal. This can be done by using our comparison service or by finding a provider directly through our website or by phone.

Once you have found a suitable provider, their application process will normally consist of two parts: an application form and a medical assessment. The medical assessment is conducted by an independent doctor chosen by the provider and will check whether you are fit enough to continue living in your own home without having to move into residential care. You can get more info here

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