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Products for older people 

The two main types of equity release products for older people are reverse mortgages and home reversion schemes: 

* Reverse mortgages allow you to borrow money against the value of your home. You usually don't have to repay the loan until you leave and move into care, sell your home, or die. Instead your debt and interest (and any fees and charges you don't pay up front) build up (or compound) over time. When the loan ends you, or your estate, must repay what's owing (usually out of the proceeds of the sale of your home). 

* Home reversion schemes allow you to sell all or part of your home at a discounted price ? usually between 35% and 60% of what your home is worth. But you have the right to keep living in your home until you die or decide you want to move.