This is a very special type of financial product or mortgage for homeowners in retirement or nearing retirement. This is typically people aged 55 or older. It can provide a tax free cash lump some or a monthly income. You don’t need to tell the lender what you are going to use the money for.
Examples include but are not limited to:
So what is Home Equity and how much do I have?
In simple terms this is the difference between what your house is worth, and the value of any debts that are secured on it. For example if you have a £110,000 house and a £8000 mortgage, you have around £102,000 of home equity.