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Babyboomers release cash from homes in record numbers

New figures show that £3bn of cash was taken out of British properties in a year for the very first time.

Data from the Equity Release Council shows around 37,000 people used equity release plans for the first time.

Equity release was once seen as a last resort but with booming house prices and the threat of inheritance tax the schemes have begun to appeal to a wealthier group of home owners.

Equity release plans allow property owners to withdraw cash in one off or irregular lump sums. Interest typically rolls up and the loan is paid off on the sale of a property, when you move into long-term care or on death.

Increasing numbers of over 55s are releasing cash in this way but we always advised speaking with an expert before doing so.

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