What is equity release? 

Put simply, equity release is a method for releasing some of the money stored up in your home, without the need to move. How much equity you release depends on how old you are, how much your home is worth and how much you choose to borrow. You may also have heard some equity release products described as 'Lifetime Mortgages', which is what we will be talking about here.

With a lifetime mortgage, you can choose not to make any payments throughout the life of the mortgage. Instead the mortgage (and the interest accumulated and any charges) will be repaid at the time of your death or move into long-term care, using the cash generated from the sale of your home.

Before taking out a lifetime mortgage we recommend you discuss it thoroughly with your financial adviser, your closest family and an independent legal adviser.