SAMANTHA PARTINGTONRising numbers of older homeowners are cashing in on their homes to help loved ones hit by the pandemic and soaring property prices.
But experts warn those thinking of using equity release to give an early inheritance to ensure it does not cost them a comfortable retirement.
Equity release, or lifetime mortgages, allow you to borrow money tax-free against the value of your home. The deals are available only to homeowners aged 55 or older.
Borrowers don’t need to make monthly payments. Instead, the interest is added to the debt and repaid from the sale of your home when you die or move into long-term care.
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