Equity release mortgages are designed for older people (55 and over), who are homeowners and want to use the value of their home in order to receive a lump sum of cash or regular monthly instalments. The amount of equity release depends on the age - older person gets higher percentage of his home. In return, you take out a loan, which is paid off when the property is sold on your death or you can sell a proportion of your home in return for the money.
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