Your chosen plan provider gives you a lump sum or the promise of funds up to a certain level, which you can draw on as needed.
You can spend the cash on anything you want and don’t have to make any repayments until…
When you die, or sell your home, the money youve borrowed plus any interest owed has to be repaid.
And because the interest has been allowed to roll up, rather than being cleared gradually, it can be an awful lot more than you expect.
Unless you’re very wealthy in which case, you won’t need to get involved with equity release this is likely to make a major dent in your estate, seriously limiting your heirs inheritance.
If you are interested in finding out how much equity release you could get for yourself, the calculator below will give you a rough idea of what is possible.
To get a more precise figure the best thing to do is to talk to an Equity Release Specialist. To contact a recommended one simply click the “Next” button – after entering your figures – then fill out the quick contact form. You will be contacted soon for a free, no obligation quote.