Could releasing tax-free cash from your home be right for you?

To put it simply, equity release is a way to unlock some of the cash (equity) in your property while you still carry on living in and enjoying in your home.

The money that you release is tax-free and you can chose not to make monthly repayments if you'd prefer not to. This in turn can free up more disposable income, in addition to the initial tax-free lump sum.

Make your retirement more comfortable

As this financial solution is specifically for those aged 55 or older, equity release is often used to plug a gap for people who might have a shortfall in their pension savings as they approach, or are already enjoying, their retirement.

For most of us, our homes are our most valuable asset. If you've owned your home for a number of years, it’s likely to have increased in value and could mean you are sitting on a chunk of equity.

The most popular form of equity release, a lifetime mortgage, also allows you to continue to own 100 per cent of your home.

The amount of money that you can access is determined by the age of the youngest homeowner and the value of your property, meaning you need to be at least 55 years old to consider equity release and your property must be worth at least £70,000.

Boost your retirement income and live the life you deserve

According to figures from the UK's No1 equity release broker, Age Partnership,* more than 27per cent of its clients use equity release to pay off their standard mortgage. This frees up money that would have otherwise gone on monthly repayments, to give them the retirement they deserve. However it’s important to note that equity release could affect potential inheritance and any entitlement to means-tested benefits – both now or in the future.