From The Sun
25th January 2019, 2:31 pm Updated: 6th February 2019, 10:54 am
Equity release involves keeping use of your house while also obtaining a lump sum or a steady stream of income, using the value of the house. This money has to be paid back, usually when the owner dies.
Ideally this means you can have more holidays and do more of the things you enjoy while you’re alive.
It’s particularly important if you’re running short of money and struggling. There are other things you can do, such as downsizing or letting out a room – see RetirementDrive for more options.
We cover this in detail in our EquityDrive which gives information on the options available and the calculators to see what you can get.
It’s up to individuals whether they want to give control of this to a third party, especially one they don’t know. However, it may be worth it if you haven’t got the time or inclination to hunt around and complete all the forms.