If you are over 60, own your own home and are looking to free up some cash, then an Equity Release Scheme is an option for you. You might want to enjoy your retirement, go on the holiday of a lifetime or simply supplement your pension. With equity release schemes you can turn some of the value of your mortgage in to hard cash.
These ... schemes are mainly targeted at older home owners. The payment can be in the form of a lump sum or as regular installments paid to you. It's important to figure out what this actually means, who owns the property and what happens if you decide that you want to sell up. The two main types of equity release schemes are the Lifetime Mortgage and the Home Reversion Scheme. With a lifetime mortgage you borrow money without making any repayments. With the Home Reversion Scheme you are selling part of your home.
Both schemes can be quite complicated so it would be wise to get financial and legal advice if you are looking at pursuing either of these products. You could also get in touch with the Financial Regulator who should be able to answer any specific questions you may have.
