Sometimes in later life you can find yourself short of money or wanting to release some of the value of property you own to use elsewhere in your life. This is commonly referred to as “equity release”!
Age UK have produced a detailed factsheet that provides information about different types of equity release, such as lifetime mortgages and home reversion plans. It includes information on:
- what to consider before deciding on a particular plan
- equity release regulations and safeguards
- how to choose an adviser.
Information is also given on sale and rent back schemes, which are not the same as equity release but share some common features. The information in the factsheet is intended only as a guide and Age UK recommend that you get independent advice from a fully qualified and experienced equity release adviser if considering this as an option.