What is Equity Release?

Property Wire reports that SunLife’s research showed “More than half of home owners in the UK aged 55 are unaware that the cash lump sum they would receive from releasing equity in their home is tax free, a new survey has found. Despite the fact that three in 10 would consider taking out an equity release loan if they needed a cash lump sum, just 11% fully understand all equity release product features, the research from SunLife also found. Overall some 55% didn’t know the lump sum was tax free, rising to 64% of those aged 55 to 65 while 52% didn’t realise you can still move home if you take out equity release and 65% didn’t know you could take out equity release even if they still have a mortgage.” Read the full article http://https//www.propertywire.com/news/uk/research-suggests-uk-home-owners-unaware-equity-release-offers/