Can someone please advise on equity loans for those under 55?

[LoveforPGTipsMonkey]

Posted in DIY but not many replies there, those who replied advised on other options, but I'd be interested if anyone actually done the above?

I've looked online briefly and it sounds like you could theoretically loan against your property but I haven't come across any companies I've heard of nor more detailed info.

Has anyone done it or knows about it? Say if you wanted to borrow 10% of your property value (national average sort of property so not a huge amount), either while you are selling it - which can take over 6 months in that area, or 'until it gets sold' in 1-3 yrs even if not selling yet.

Are there any established/trustworthy companies doing this?
I got a few replies in Property section suggesting to remortgage - but let's assume it's not a solution as I'm self-employed and atm can't demonstrate/guarantee a monthly repayments (plus never had a mortgage in my name).
Would much prefer a loan like an over-55 may get, or like at pawnbrokers - no monthly payments but commit to a certain (but short!) period, at which point I sell my house and pay it off with interest. But is there such thing?
TIA!

bump

sounds like a really bad idea
just hang on in there till you can get a normal mortgage

thanks Talkin, yes it seems like no one views this as positive solution. Even if it would have been convenient but maybe it's because I've no idea what conditions it would come with.

Would a normal personal loan from your bank fit the bill? Some of the lending rates are so low at the moment that even though it's an unsecured loan it may be better value than a more specialist secured loan that you describe (if such exist).

I am dealing with my aunts estate. She had an equity loan and IMO she was fleeced. She borrowed £45,000 in 2004. After she died in 2016, she owed 133k! This was due to compound interest at 8% being added yearly and her house had devalued. The loan was through well recognised company.
They started to get antsy over house value and tried to claim the money back from the estate.
Basically if you take one of those loans, you are stuck with that house and if you want to move later, doubtful if you would ever be able to sell as you will have negative equity.

thanks Susanne, great to hear from someone who just had to deal with this - wow that's quite shocking! It does depend on the area - did houses actually gone down in price there? (I doubt they would so much) So in 12 yrs the loan gone up 3 times up!! 8 percent doesn't sound much but what with devaluations it's a minefield.
Yeah it looks like simply selling is the only way - but it's far from quick in my area plus all the aggro of moving!
I know that you can sometimes move (depends on their conditions) but I bet if you can move the rates aer higher too,