Equity Release Products

Equity Release Products have become very popular in recent years as more people see them as a way to obtain money for a variety of uses. The following explanation of how they work was taken from the Fido web site of the Australian Securities & Investments Commission

About Equity Release Products

If you are an older person you may own your own home outright, but find you do not have enough cash to meet your needs. You probably can't take out an ordinary loan if you don't have enough income to pay it off, and you may not want to sell your home.

Equity Release Products (sometimes called "home equity loans" or "reverse equity products") could be one way around these problems, because they…