Equity release is a way to unlock the value of your property and turn it into cash, whilst continuing to live there.

Here, Nub News partners, Greenacre Financial Services, explain how they work to provide a financial lifeline to those over 55 who own their own home.

Generally, the motivation involves releasing cash held in a property to help finance a comfortable retirement, carry out a home renovation or hand a sum to adult offspring.

However, this can be a relatively expensive and risky way to raise cash, so needs to be approached carefully.

You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both.

The two popular types of equity release are: Lifetime Mortgage or Home Reversion.

Lifetime Mortgage

Greg Stanworth, of Greenacre said: "The Lifetime Mortgage is the most popular type of equity release.

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"You borrow a lump sum in the form of a mortgage, which is eventually repaid from the sale of your home either when you die or move into long-term care.

"The amount you can borrow is usually between 18 per cent and 50 per cent of the property's total value – typically the older you are, the more you can release."

Home Reversion

Mr Stanworth said: "With a home reversion scheme, you sell all or part of your property, but with a legal right to continue living in it until you die or move into long-term care.

"The money can be paid to you either as a lump sum or as a regular income, whichever you prefer.

"Whether you sell all or part of your home, you won't receive full market value for it, so bear this in mind when making your decision."

Greenacre Financial Services are a Nub News sponsor. Without community-minded partners like Greenacre we would not be able to produce the locally-relevant news to the people of Richmond and Twickenham.