Home equity release could be the key to unlocking the money tied up in your home and could mean the difference between a carefree, enjoyable retirement and a constant struggle to pay the bills.

Home equity release plans allow you to boost your income substantially by freeing up all or part of the value of your home. There are three main categories of home equity release and within each of these there are many different plans. They are lifetime mortgages, drawdown lifetime mortgages and home reversion plans. Each type of home equity release plan is summarised below to give you an idea of what’s available. Talk to a home equity release specialist before deciding which plan to go for.

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There are many equity release brokers out there, offering a whole array of different plans between them. Most equity release brokers deal in lifetime mortgages or home reversion plans, and a few equity release brokers can offer both types of plan. Whether you’re searching for a lifetime mortgage or a home reversion plan, it’s important to pick the right broker as this is a lifelong commitment and you want to get it right.

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Pensioners have seen their income from savings and pensions fall dramatically this year, as they continue to feel the impact of the drop in interest rates. This has left many pensioners wondering whether equity release is the answer to their financial troubles.

Despite the drop in property prices many pensioners still have a considerable amount of equity on the homes, of which they could drawdown upon via an equity release plan. Releasing equity from their home may be the answer for many pensioners looking for a more comfortable retirement and for those wishing to supplement their current income.

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The FSA (Financial Services Authority) are the only regulator of lifetime mortgages.  SHIP (Safe Home Income Plans) are a self governing trade body; their voluntary members - the lifetime mortgage providers – agree to follow a code of conduct. So whilst SHIP is not a regulator as such, their members do follow a code of conduct designed to give certain assurances to their customers.

FSA (Financial Services Authority)

The FSA is an independent watchdog that regulates all goings on in the financial services industry including lifetime mortgage providers to ensure consumers get a fair deal. They explain services and products to consumers so that they get clear facts without any confusing jargon.

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Lifetime mortgages and home reversion plans are popular ways of releasing equity from your home. More people in the UK are starting to use the value built up in their home as a way to help them enjoy a better retirement. As the UK market grows, releasing equity couldn’t be easier. Today’s equity release schemes are more flexible and the majority are backed by SHIP (Safe Home Income Plans) to ensure that you will never owe more to the product provider than the value of your home.

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