Overview
To be eligible for equity release, you usually need to be aged 55 or over and own a property in the UK. The amount you can release depends mainly on your age and the value of your home.
Most equity release plans are lifetime mortgages. This is a loan secured against your home. You must be a homeowner, and the property must meet the lender’s criteria. In general, the property needs to be in good condition and built using standard construction.
If you have an existing mortgage, you may still be eligible. However, the equity release plan would usually need to repay your current mortgage as part of the process.
Your age plays a key role. In most cases, the older you are, the more you may be able to release. Some lenders may also take your health and lifestyle into account, which can sometimes increase the amount available.
Equity release may not be suitable if you plan to move home soon, want to protect the full value of your estate, or rely on certain means tested benefits.
The only way to know for sure is to receive personal advice based on your situation and future plans.
If you would like to check your eligibility and understand your options clearly, contact us today for personal advice with no obligation.