What are Equity Release Mortgages?
Quite simply equity release is a way of using the cash tied up in your property to fund a better standard of living or to spend as you wish. You can use equity release mortgages to receive a lump sum or a number of lump sums over a time period or to produce a monthly or quarterly tax-free income. The money released can be used to fund a better standard of living, to pay off existing loans, property improvements or helping the family out, the choices are endless. You have the right to remain in the property for as long as you wish and have the right to move to a suitable alternative property, providing it meets the provider’s lending criteria.