Equity release product are used by the elderly to release tax free cash from their home for use for a variety of purposes. The schemes are either offered as a lump sum or can be taken as a regular income or a combination of both.

There are a variety of equity release products that exist on the market. The first thing to consider when choosing an equity release scheme is to ask is this the only way of releasing equity from your property. Before considering an equity release product you can consider options such as, trade down on your property, sell the property and/ or live with a family member, take out a conventional mortgage, borrow your money from other sources or even rent some or all of your property.

One other consideration to bear in mind is that the release equity from your home can have an effect on your state benefits. So keep your benefits in mind before considering an equity release scheme