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Equity Release is when you release tax-free cash from your home. Most types of Equity Release are available when you reach age 55. They could be an option if you need more money to pay for life in retirement, or if you need cash to afford something else.
There’s a lot to think about if you’re new to Equity Release. That’s why we’re working with Age Partnership to give you access to independent advice and tools that can help you decide if Equity Release is right for you.
As a first step, you can try their quick Equity Release Calculator to find out if you’re eligible and to see how much money you could release from your home.
We have a few guides that can help you understand what Equity Release is, how it works and what it means for your home. They’re quick, simple to understand and can help you make a more informed decision:
Learn more about what Equity Release is and the different options you could think about. This guide also weighs up the pros and cons to help you make a decision that’s right for you.
This guide takes an even closer look at how different types of Equity Release work. It also breaks down how much tax-free cash you could release from your home.
We also have this handy video. It gives you an example situation of how Equity Release would work if you're a couple that owns their home.
Equity Release requires paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care. It may also involve a Lifetime Mortgage, which is secured against your property or a Home Reversion Plan.
There are a few types of Equity Release to think about. Don’t forget, you can use our quick Equity Release Calculator to check if you’re eligible for any of the options and to see how much you might get.
We also have helpful pages that focus on two types of Equity Release. They’re full of useful information, details on how to apply and more:
This is where you still own your home after you release money from it. You have to be 55 or over to apply.
The money you release is given to you as a loan that’s secured against your home. Like most loans, it comes with interest.
Our Lifetime Mortgage guide has more detail on how this type of Equity Release works.
This is where you sell some or all of your home to a lender to get a cash lump sum. You have to be 65 or over to apply.
You still get to live in your home rent-free after selling part of it to a lender.
Our Home Reversion Plan guide has more information about how it works.
Equity Release isn’t for everyone. Here are some key things to think about before you decide to release cash from your home:
Simply fill in a few details and find out how much money you could unlock from your property.
If you’d like to know more about Lifetime Mortgages or start the Equity Release process, here are some next steps you can take:
We can help explain everything you need to know and answer any questions you may have.
Want us to give you a call? No problem.
If you're looking for more information we've made a handy brochure that covers everything you need to know about Equity Release.
Try our handy guides and tools to explore more retirement income options, including ways to take your pension money.