An increasing number of older people are considering dipping into the value stored in their homes to help with the UK’s cost of living crisis.
Some want cash to upgrade their boiler or install solar panels for more cost-effective energy, according to equity release advisers such as Samantha Bickford at Clarity Wealth Management. Others are wondering how they can help family members struggling with rising prices.
The most common equity release deals are mortgage-based products that are loans secured against your home. Typically, there are no monthly repayments – the loan, including the built-up interest, is repaid from the sale of the property when you die or go into long-term care. These are known as lifetime mortgages.
