Equity Release: Using your property as a pension

If you do not want to move home or downsize then you might consider an equity release plan to top up your pension income.

You need to be age 55 and over to qualify for one of the many equity release schemes available.

There are two main types of product. There are lifetime mortgages , which involve taking a loan against the property . The other product is a home reversion plan, where you sell a proportion of your home, say 30%, in return for a lump sum.

Age concern and the FSA the financial services watchdog both advise that you seek independent financial advice before making any decisions.

You can get a free guide from equity release solutions an independent financial adviser that specialises in equity release.