Equity release schemes, aimed at homeowners aged 55 and over, provide an avenue to access accumulated wealth tied up in property without the need to sell and relocate. While they can offer vital financial support, it is crucial for individuals to fully understand the potential complexities and drawbacks associated with these plans. This article discusses the two primary types of equity release—lifetime mortgages and home reversion plans—and emphasizes the importance of both personal reflection and expert advice in deciding whether equity release aligns with individual long-term financial goals.
Equity release schemes enable homeowners aged 55 and over to access property wealth without selling, but understanding implications and drawbacks is essential before proceeding.
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