Is equity release only for older people?

[AintNobodyHereButUsChickens]

Google isn't helping me at all Do you have to be over 55 to do it or can any homeowner do it?

You do have to be over 55 to release equity. You'd need to remortgage to borrow against a property before that age.

Depends what kind of product you want. If you just want to borrow against your property and make repayments, you can do that at any age, providing you have the equity to borrow against, or it might be worthwhile completely remortgaging your existing product and the extra borrowing.

If you want to borrow a lump sum and not make any repayments a later date, when you die, go into a care home, or otherwise sell the property, then you need to be over 55 and preferably much older, or else you risk having the interest compound up over decades, which is very expensive.

Depending on your circumstances, it's probably worth having a real good review of your finances and considering the bigger picture - could you downsize for example?

www.moneysavingexpert.com/mortgages/equity-release/

As above you can just remortgage, and release equity you have in the property so long as you can afford increased repayments. Remortgage funds can be used for anything from consolidating your debts / home improvement/ holiday.