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04.11 - 07:41
Equity release is on the rise – but should you risk it?
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Rising house prices are a double-edged sword for many families. Older generations have seen the value of their homes rise while their children and grandchildren struggle to get onto the property ladder. Now, in order to help their children buy a home of their own, many parents are dipping into the equity of their property.
Equity release, a way for over-55s to get cash out of their property without the need to move home, is becoming more mainstream, with an increasing number of deals and lower rates available. There are twice as many products on the market as two years ago, and competition has pushed rates down: the very lowest interest rates are now around the 2.5% mark.
But the costs can add up and critics warn that it is a high-risk move.
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