Mortgage Equity Withdrawal Loans

Mortgage Equity Withdrawal Loans, also called equity release loans, let homeowners borrow against the value built up in their homes. They allow people, often seniors, to turn part of their home equity into cash without selling the property. The loan is secured by the home and is usually repaid, together with interest, when the owner moves out or dies. These loans can provide funds for retirement or other financial needs.

It is a way for a homeowner to use part of their home's value to get cash now without selling the home. The money is paid back later.