Criteria for equity release in UK

Home for most people is a great asset. equity release is an option that allows you to turn your home as a source of income when you need it most. Many equity release companies allow the home owners who are about to retire, to earn cash in exchange of their home. However, you will not be asked to leave your home or sell it off for a cheaper one.
The company recovers its money by selling your home when you allow them or after your death. The basic creature of this plan includes:

•    Policy buyer should be between 55-90 years of age.
•    The home in question must be in name of the policy buyer.
•    The market value of home must exceed £ 70,000.