Releasing Equity

Work colleague of mine is considering releasing equity from his home. He is single and retiring soon and is considering asking his bank for €100K with his house as collateral. Does anybody have any experience of this scenario and does he have to pay anything back to the bank whilst he is still alive?

Thanks,

Dave

If he wants to release equity but not make repayments then you should search for previous threads on products/companies such as SHIP (Shared Home Investment Plan (?)), RRL (Residential Reversions Limited) and BoI LifeLoans. Bear in mind that there are significant issues with most or all of these products (e.g. you might get, say, 25% of the value of your home in cash but the company ends up getting 100% of the property over time).