For those aged 55 and over it is possible to access some of the value in your property. There are no income requirements and the older you are, the more you can take out. The funds taken can be used for any purpose. There are three general approaches to Equity Release:
1) making interest-only payments indefinitely (Interest Only);
2) borrowing without having to make any repayments at all until the property is sold (Lifetime Mortgage);
3) trading ownership of the property for a lump sum and the right to life-long tenancy of the property (Home Reversion Plan).
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