Yes, it is possible to use equity release to pay off your existing mortgage. With a lifetime mortgage, for example, you can release funds to repay your outstanding mortgage balance. This can help alleviate financial stress by removing the burden of monthly mortgage repayments. It’s important to carefully consider the potential costs and implications of using equity release in this way, as the amount released may be higher than the mortgage balance due to fees and interest. Consulting with an equity release advisor will help you evaluate if this option is suitable for your circumstances and goals.
Education, Empowerment and Support