Newspaper article The Evening Standard (London, England)

Q I AM Nearly 60 and []

Newspaper article The Evening Standard (London, England)

Q I AM Nearly 60 and []

Article excerpt

Byline: Fiona McNulty OUR LAWYER ANSWERS YOUR QUESTIONS

Q I AM nearly 60 and looking into getting an equity release loan, having had an interest-free mortgage for the past five years. Because I want to give up working at 60, I am worried that I may have difficulty renewing my interest-free mortgage when it comes to an end in about 18 months' time. My daughter has suggested to me that equity release may enable me to pay off the interest-free mortgage. What exactly is equity release? Would it be a possible solution for me?

A EQUITY release is a way of releasing wealth tied up in your property. It is fully regulated by the Financial Conduct Authority. Generally, there are no monthly repayments as the full amount owed under the equity release scheme is paid from the proceeds when your property is sold.

The scheme tends to be available generally to the over-55s. Provided you qualify, you could release funds to pay off your existing interest-free mortgage. …

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