This equity release product may involve a lifetime mortgage or a home reversion plan. If so, to understand the features and risks, ask for a personalised illustration.
Who qualifies?
Equity Release Schemes are usually available to those aged 55 and over who own their own home in the UK (this differs in Northern Ireland and the Isle of Man) and which is classed as their main residence valued in excess of £70,000.
Any outstanding mortgage that applies to the property must be cleared as a part of the Equity Release Scheme agreement.