Overview
If you are over 60 and own your home, equity release may be an option. The amount you could release is mainly based on your age and the value of your property. In many cases, the older you are, the more you may be able to release.
Minimum age
Most plans are available from age 55. Many people start looking at options in their early 60s, especially when work slows down or retirement plans become clearer.
How age affects the amount
Lenders use age as a key factor because equity release is usually repaid when the plan ends. This is why older homeowners can often release a higher percentage of their property value.
Health and enhanced terms
Some lenders consider health and lifestyle. In some cases, this can increase the amount available. This depends on individual circumstances and lender criteria.
Things to consider
Equity release is a long term commitment. Interest can build up over time and it can reduce the amount you leave behind. It may also affect means tested benefits. You can read more on our costs and risks page, and see alternatives to equity release if you want to compare options.
If you want a quick starting point, use our calculator for an estimate. You can also read am I eligible and the application process.
If you are over 60 and would like clear, personal advice on equity release, contact us today with no obligation.