Equity release schemes are programs that let homeowners access the money tied up with their property. These programs mainly benefit people between the ages of 55-70 who have already paid off their mortgage and own their home.
What is an equity release scheme?
An equity release scheme is basically a loan, which is paid in either one lump sum, or drawn out over a number of years. This loan is paid against the value of your home, which is passed onto lenders after you have passed away, or have been moved into a retirement home.