The use of financial arrangements that provide the owner of a house or other property with funds derived from the value of the property while enabling them to continue using it.
boosting your capital or income through equity release may mean you lose some or all of your state benefits
as modifierequity release schemes
Example sentencesExamples
The FSA regulations make special mention of the sale of equity release mortgages - some of which can offer poor value, consumer groups have warned.
Many retired people don't want to move and the only way they can get cash from their home is to use an equity release scheme.
On a superficial level, equity release schemes may appear attractive especially for those people who may be reluctant to move out of their family homes.
Over 25,000 homeowners took out equity release schemes last year.
Equity release products for homeowners are still relatively recent innovations in this market.
Bank of Ireland says its loan is unique and cannot be compared on a like-for-like basis with any of the British equity release products.
Equity release plans usually allow only a fifth of a property's value to be realised at age 65.
"It's a niche product aimed at a sub-set of the total equity release market in Ireland," said Kane.
There's growing concern about equity release schemes, following the news that the number of new loans doubled in the first half of this year.
Mortgage equity release reached record levels last year with homeowners remortgaging to the tune of £57 billion.
Definition of equity release in US English:
equity release
noun
British
The use of financial arrangements which provide the owner of a house or other property with funds derived from the value of their property while enabling them to continue using it.
boosting your capital or income through equity release may mean you lose some or all of your state benefits
as modifierequity release schemes
Example sentencesExamples
On a superficial level, equity release schemes may appear attractive especially for those people who may be reluctant to move out of their family homes.
There's growing concern about equity release schemes, following the news that the number of new loans doubled in the first half of this year.
"It's a niche product aimed at a sub-set of the total equity release market in Ireland," said Kane.
The FSA regulations make special mention of the sale of equity release mortgages - some of which can offer poor value, consumer groups have warned.
Many retired people don't want to move and the only way they can get cash from their home is to use an equity release scheme.
Over 25,000 homeowners took out equity release schemes last year.
Mortgage equity release reached record levels last year with homeowners remortgaging to the tune of £57 billion.
Equity release plans usually allow only a fifth of a property's value to be realised at age 65.
Bank of Ireland says its loan is unique and cannot be compared on a like-for-like basis with any of the British equity release products.
Equity release products for homeowners are still relatively recent innovations in this market.