Your chosen plan provider gives you a lump sum or the promise
of funds up to a certain level, which you can draw on as
needed.
You can spend the cash on anything you want and don't have
to make any repayments until...
When you die, or sell your home, the money youve borrowed
plus any interest owed has to be repaid.
And because the interest has been allowed to roll up, rather
than being cleared gradually, it can be an awful lot
more than you expect.
Unless you're very wealthy in which case, you won't need
to get involved with equity release this is likely to make
a major dent in your estate, seriously limiting your heirs
inheritance.
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