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AgeUKIL06: Equity Release

Source: Age UK

FS65 Equity Release

Source: Age UK
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Subject Definitions

A cash sum is released from your property and this is used to buy an Annuity which in turn pays out a monthly amount. Part of this is used to pay the interest bill of the loan and the remaining balance can be used for an income. The original loan is then repaid when the property is sold, or you move into long term care.