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Is equity release a good idea?

Equity release can be a good idea for homeowners who would like to obtain some extra cash in later life. Taking out an equity release plan can enable them to enjoy a better retirement, whether that’s by paying off an outstanding mortgage or existing debt to free up some monthly income, or by making home improvements. In fact, the money released can be used for any purpose.

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What is the difference between equity release and a lifetime mortgage?

Equity release enables homeowners over 55 to continue to live in their home while getting a cash lump sum or income from it. A lifetime mortgage is one of the two main types of equity release plans, the other being a home reversion plan.

Lifetime mortgages are by far the most popular type of equity release accounting for 99% of plans sold.

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