Equity releases were developed basically to help older homeowners by providing them with constant income through the higher value of their home, so that they can live their retired life peacefully. This income that the homeowner gets can be used for any purpose like paying debts household expenses etc. Some of the benefits of equity release are: a) the amount that you get is exempted from tax, b) it reduces the amount of tax that you need to pay for your estate, c) if the rate of interest falls, the borrower does not have to refinance mortgage at lesser cost.
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