Equity release schemes have changed dramatically over the last decade as they have become a much more popular option for people entering their retirement who wish to free up some of the equity within their own home.

It is possible to remortgage your existing equity release plan in order to take advantage of the changes within equity release schemes and also if you wish to now borrow a larger sum than you had originally.

As the industry has changed so have the interest rates associated with equity release schemes. They now tend to be lower than they would have been in the past. An equity release remortgage can allow you to remortgage your plan to a lower fixed rate. Remember that the interest in an equity release plan is continually rolled up into the loan and therefore the amount borrowed grows over time. By remortgaging to a lower interest rate you can in a sense slow down the rate of the growth of your loan balance.

In the past it was also only possible to borrow smaller amounts on an equity release plan or perhaps you opted to borrow a smaller amount. As your circumstances have changed you may wish to increase the lump sum of equity released. Remortgaging is one way it may be possible to release a larger amount.

As with any remortgaging it is important that you seek independent financial advice before committing to any new plan. Also ask for a personal illustration of your equity release plan to ensure you fully understand the implications of any decisions you make.