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A standard equity release product, known as a lifetime mortgage, allows you to take equity from your home either as a lump sum or in smaller, regular amounts. The total amount, capital plus interest, is repaid when you die or move into long-term care.

Home equity loans work differently than traditional loans, acting as a line of credit. This means that the bank will approve to borrow up to a certain amount of your home, but your equity in the home stands as collateral for the loan. The interest rates are lower than they would be with a credit card.

Is equity release the best option for people with children, especially if they would prefer to find a way to keep the property in the family?

Cynically, is Equity Release simply another PPI type scam which simply steals peoples’ wealth, designed for when they get older and more cash-strapped?

If it is found to be unfair and inequitable, how do we address the issue? And what other options exist?

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