Equity release is becoming an important part of retirement planning – it can be used to make your retirement more comfortable, and to open up exciting new possibilities.

An equity release scheme lets you raise money from your property – as either a lump sum or regular income, or both – and at the same time gives you, and a partner, the right to remain living there until you both die or move out.

There are two types of equity release scheme available in the market, with several variations on each. The lifetime mortgage involves taking out a new loan secured on your home, and the home reversion involves selling all or part of the ownership of your home. In return both types will pay you a lump sum and/or an income.