💨 Abstract

Equity release allows homeowners aged 55+ to access money through either a home reversion plan or a lifetime mortgage. A home reversion plan involves selling part of your home for a lump sum or income, living rent-free until death or long-term care. The more common lifetime mortgage is a loan secured against your property with compounding interest. Initial amount and accrued interest are repaid upon death or moving into long-term care, usually from the sale of the home.

Courtesy: www.thesun.co.uk