A CHARITY is holding an information session to help older people understand one of their financial options for the future.

The event is being held by Age UK County Durham to give people the chance to find out about equity release.

Equity release allows UK homeowners aged 55 or older to access some of the equity in their home, so they can use it without having to sell to downsize.

Harriet Gibbon, chief executive of Age UK County Durham, said: “Equity release can be a good option if you have found yourself property rich but cash poor.

“It could give you access to a tax-free lump sum that you can use for almost anything you like, all the while staying in the home that you love.”

Experts will be on hand to explain equity release and people can also book a 30 minute meeting with a specialist advisor from HUB Financial Solutions Limited.

During the meeting, the adviser will discuss challenges the homeowner is currently facing, answer questions about equity release, look at any alternative options and check whether they would be eligible for equity release.

The event takes place Wednesday, July 25 at 68 North Road, Durham.

It is on between 9am and 4pm and anyone interested in booking a session with an advisor should call Age UK County Durham on 0191 374 0931 or visit the charity’s premises at 68 North Road.