The Telegraph has recently reported an increase in people looking to take money out of their homes (known as an equity release loan) to help fund later life living. Read their full report here.
An equity release loan can be useful for people who need to repay an existing mortgage, bolster retirement funds, help with work on the house, enjoy a cruise (or two!) or even help children to get on the property ladder.
Having said that, with recent rises in interest rates, equity release is becoming a more expensive option and therefore is something that should be given careful consideration. For anyone thinking of taking an equity release loan, please make sure that you take appropriate financial and legal advice to ensure it is the right thing for your specific circumstances.