When should I avoid an Equity release mortgage?

Although equity release mortgages are wonderful tools for homeowners to get some money out of their home while still living in it, an equity release mortgage is not for everyone. Generally, equity release mortgages are made for older homeowners and some will not accept anyone under the age of 60. Also, if you are planning on moving at all, an equity release mortgage should be avoided as many equity release mortgages come with the stipulation that you can not move after you have started your mortgage plan. Talk with your bank for the specifics of your chosen equity release mortgage to make sure it’s right for you.