If you are over 55 and own your own home either outright or with most of the mortgage paid off, an equity release mortgage could enable you to use your property to supplement your finances.

Although owning a property outright has many benefits, there may be times when it’s more useful to have access to a sum of cash that’s available to spend. Equity release works by freeing up the money that would otherwise be tied up in the value of your home. You get to unlock some of the equity associated with your property, and instead of paying the money back, it is taken off the value of your home. Some arrangements also allow you to make repayments.

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