Cost of clearing home debt in retirement falls by £30,000: Our equity release guide explains whether it is right for repaying interest-only deals

Equity release is like an ordinary mortgage without the need to make monthly repayments. Instead, the interest is rolled-up and repaid once the borrower dies or is taken into care. 


These deals are only on offer to those aged 55 or over. For people who are struggling to clear their home loans at the end of the term, equity release is usually seen as a last resort.