Under 55- how do I release equity from my home?

RedbridgeMum580

Hi all, 
I'm going through a divorce and we fully own our home. We're in our 30s, my ex would like to release his 50% capital share of the house, which I can't afford and I would prefer to do a deferred sale for 7 years, which is when both our children would be over 18. Im not interested in buying the house off him but need to stay here while raising our children. What are my options for releasing equity from this house, considering I'm in my late 30s? I've read about some options for 55+ but can't find much for people below that age.
Thank you for any advice. 

se2020

You cant really release equity without giving it up (ie selling) all you can do is borrow money secured on the equity you have.
Either via a mortgage or a secured loan.
If he wants to buy somewhere else then he could speak to a broker about getting a mortgage on a new place using the paid-for house as a form of security. 
I expect you would find that you would be allowed to stay in the house anyway until all children are 18 unless the house is excessive for your requirements. Ie. If it's you and 2 children and it's a 5 bed house you may have to sell up and move to a 3 bed.

RedbridgeMum580

Thanks. So I could remortgage again?
He's got a good enough salary to get another mortgage and buy his own place which is what he's doing but he also wants to get his money out of our home. I just can't do that right now and would prefer to wait until the children are 18 then sell it. It's a 3 bed house so not overly big for 3 of us. 

onwards&upwards

Are/were you married?

RedbridgeMum580

Still married but starting divorce proceedings in the next couple of weeks. 

Thrugelmir

Hopefully you are seeking advice from a family law solicitor. Priority of the court will be the welfare of the children. As such their interests will come first. Your future ex isn't going to be able to release his (yet to be agreed) share of the equity in the property for some years I suspect.