How does equity release work
Releasing equity from your home
A home equity release scheme enables you to raise cash against the value of your home with repayment falling due on your death.
To qualify you have to own your home, have no or very little mortgage on it and you'll have be at least 55 years of age.
Your home will have
to meet certain criteria, such as structurally sound, and may need to be of a minimum market value.
Only you are permitted to reside at the property, that is to say, you will be unable to let any part of your property.
How is the loan repaid
Any loan advanced under these schemes fall due on your death and will form part of your estate.
There are no intermediate interest payments.