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I never handled my finances properly; my husband used to take care of all such things. But we separated last year; just not living together any more.

The home where I stay is jointly owned; I have been paying the mortgage since we separated, but now I am in a hardship. Can anybody explain me what is equity release? Can I get some fund through equity release?

Hi Ann and welcome!

"Equity" is the value of your interest in the property. You can "release" this equity in many ways, for example a mortgage or a home reversion scheme.

If you can get a remortgage on your property then your secured payments may increase or the repayment term might increase. Remember that any loan secured against your property will have to be paid or you risk losing your home.

Are you behind on your bills or have unsecured debts you are struggling to pay as and when they fall due?

Thanks for your reply.

Yes, I have credit card debt; things were good so far. I was laid off few from my job few months back. Then I joined another employer for a lower pay-package.

I have already missed credit card payment; I am still paying my mortgage on time but I may not in future. So what are the options?

Since the house is quite large and I am single, can I sell this house? I think I will need my husband's consent for this.

Don't panic!

What kind of mortgage are you on? Could you change to interest-only until you have repaid your credit card debt?

There are lots of options available, and you should probably have a good chat with someone for a detailed list of options. How large is the credit card debt?

I suspect that this poster may be looking for specific advice on an equity release scheme.

Initially there were lots of problems with this type of finance, however the product has become much more acceptable and there are now protections in place for ensuring that consumers are not treated unfairly. You need to be at a certain age to qualify, and will only receive a percentage of the value of your property - but some schemes will let you stay there either rent free or paying a market rental.

I know of a very reputable company dealing in this product I would be happy to recommend to you.

Hello MelanieGiles,

Thanks for your input; can you please tell me more about the product you mentioned?

Thanks.

Email Melanie via her website and she will gladly email you the details back.

I'd be delighted to put you in touch Ann, if you could send me through your contact details.

How do I email you? It says the email system has been discontinued due to spamming.

If you google Melanie Giles, it will bring up her firms website and you can contact her via that.