Carematters Financial Planning
Equity Release allows a home owner over the age of 60 to 'release money' from their property - the money can be a lump sum or an income. The home owner can do anything they like with the money.
Unlike a traditional mortgage the client does not make any payments to the lender. The interest 'rolls' up and is repaid either upon the death of the home owners, the sale of the home or if they move into a care home.
Whilst not for everyone, they do have their place in financial planning - indeed, in these days or static pensions and higher costs, they are being considered by more people.
You should speak with an experienced IFA , someone who is qualified to talk through all of the options if this is something you are considering.