Equity release schemes are aimed at the over 50’s and primarily the elderly. It is a way of releasing the equity in the home to generate an income, capital or both. (Equity is the value of the property at current market value less any mortgage or debt set against the property.)
It is very important that professional and sound financial advice is obtained before proceeding in this way. Competent financial advisors should always carry out a ‘financial healthcheck’ to ensure that other alternative sources of income have been considered before a decision is made.
Equity release schemes will require a mortgage over the property and there will be specific terms as to repayment and occupation of the property. To discuss this further or for any other related enquiries please contact firstname.lastname@example.org or telephone 020 8464 4242