Equity Release Loans are means of getting cash from your home using your property’s equity. Homeowners can get monthly income or receive cash lump sum using their homes through equity release loans. Equity is the cash value of your home less all the unpaid mortgage balance you have secured on it. With equity release you can therefore unlock the tax-free money that is currently tied up to your home. 
Do you qualify for an equity release loan? If you or your partner are over the age of 55 and you own your main private residence, then you may qualify for an equity release loan. Your home must be worth a minimum of £60,000 and your property must be of standard construction. Your home must also have little or no mortgage and must be freehold or leasehold with a minimum remaining lease period of 75 years. If you avail of an equity release loan you still retain ownership of your property and you still have the right to live in your home for as long as you want. You do not have to make any monthly repayments during your lifetime.
In Equity Release, there are three schemes to choose from. These are the Lifetime Mortgages, Drawdown Plans, and Home Reversion Plans. Of these three, the Drawdown Plan is the most popular. It has the same advantages and disadvantages as the Lifetime Mortgage but has more flexibility when it comes to accessing your money. With the Drawdown Plan you have the option to release the money periodically. You will not receive your money in lump sum. Instead, you will decide on the maximum amount of equity you want to release and you will ‘drawdown’ your money in stages when you need to. You may also request to set up a monthly income if you prefer to. 
Before making any decisions it is important to know very well what you are getting yourself into. It would be best to first get the advice of the experts regarding this matter. Qualified agents at www.expertequityrelease.co.uk are available and prepared to guide you in the whole process of the application. All the advantages and disadvantages will be explained to you honestly by their impartial and experienced agents. They will explain to you comprehensively and in plain English all the important points that you need to know and understand. You don’t have to worry because they will be truthful in telling you which of the schemes is suitable or if an equity release loan is not advisable.