If you are approaching retirement age, then you will be looking for ways to boost your current finances. This can be quite easily done through an interest only lifetime mortgage, also known as an equity release scheme when it comes to those in retirement age.

Whilst banks and finance providers will be more willing to give loans to the younger generation, older people are considered a greater risk in terms of longeviety, and thus they will find fewer options available to them. However, what is one option if you are over 55, is called an equity release scheme.

This simply allows you to get a continuous income based on the value of your house, whilst you are still able to live in your home. This can be beneficial, especially to those in retirement age, as it gives you a place to live whilst you can also have a form of income.

The downside is that you will eventually have to give up your house, usually upon your death if you are in retirement age, meaning that you will have less in the way of inheritance to give to your children and family.

However, as long as you research your options thoroughly, you may find that an equity release scheme is of benefit to you, if you need a source of income to simply get you through your retirement.