Equity release is a way of getting cash from your home, whilst you remain living there. The value or equity you have in your home is its open market value less any mortgage or other debt secured against it. Although the value of houses has risen over the years, selling up or moving somewhere cheaper to raise extra funds may not be for everyone and this is where Equity Release schemes can help. You need to be over 55 and own your own home. You can get a cash lump sum, with or without a drawdown facility to use as you wish, or roll-up the interest with no monthly payments for the balance to be repaid at a later date. Equity Release allows you to continue to live in your own home.
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