TRY EQUITY RELEASE

AN EQUITY release plan allows you to borrow against your house, but stay living in it. It is effectively a mortgage, but you don’t make monthly repayments.

The interest is rolled over until you die or move into care. How much you can borrow depends on the value of your property and how much equity you have.

However, these loans can be very expensive. The average rate is 4.4 pc, according to the Equity Release Council, and your debt typical ly doubles every 15 years as the interest rolls up.

For full details on how equity release works, Money Mail has produced a free guide with adviser Key Retirement.

Call 0800 156 0150 or visit keyretirement.co.uk/mail