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Equity Release is a product which enables home owners over 55 an option to release capital tied up in property without incurring a monthly repayment to the lender. Essentially, this is lending of ‘last resort’ and all other options should be considered prior to releasing equity.
Interest rates are favourable at present but each year that passes, equity in your property is reduced by the interest added to your loan amount. Over time this can amount to a substantial amount and effectively result in having ‘sold’ your home for significantly less than the market value.Read More