Individuals aged 55 and over can release some of the wealth tied up in their property without having to sell it.
If you, as a homeowner, decide to use equity release, you can draw a lump sum or regular smaller sums from the value of your home whilst still residing there. There are plans through which you can take as little as £10,000 tax free and leave further funds in reserve for when you need them.
The two equity release product types available are the lifetime mortgage and the home reversion plan, both of which are regulated by the Financial Conduct Authority (FCA). In the modern equity release market, there are various different features that go with these products. With providers coming up with new features all the time, there’s bound to be an equity release plan to suit your particular requirements.