Equity release is a financial product popular with homeowners aged 50 and above in the UK. It allows individuals to unlock a portion of the equity tied up in their property while retaining the right to live there.
The released funds can be received either as a lump sum or in smaller instalments, providing financial flexibility in retirement.
Homeowners use this money for renovation, holidays, debt consolidation, or to support their children in saving for a deposit. The money can be used for any reason.