Releasing money from your home is a big decision for you and your family. It deserves patience, plain English and a specialist who looks at every alternative first.
We don't advise on it ourselves, but we can introduce you to a trusted specialist adviser who does.
A good later life adviser will look at the whole picture before recommending anything: downsizing, a standard mortgage, savings and pensions, and how any borrowing will affect what you leave behind.
A loan secured on your home, usually for people aged 55 and over. You keep ownership of your home. Interest can be paid monthly or added to the loan, and the loan is normally repaid when the last borrower dies or moves into long-term care.
If interest is added to the loan, the amount you owe can grow quickly, which reduces what's left for your estate.
You pay the interest each month, and the loan itself is repaid when the property is sold, usually after the last borrower dies or moves into long-term care. Lenders assess affordability on your retirement income.
Some people release money to help children or grandchildren with a deposit. It can make a real difference, but it should be properly documented, and it may affect your estate and inheritance tax, so legal and tax advice matter.
Plans that meet the Equity Release Council's standards include a no negative equity guarantee and the right to stay in your home for life, provided it remains your main residence and you keep to the terms. You must also take independent legal advice before going ahead.
With a lifetime mortgage, yes. You keep ownership, and the loan is usually repaid from the sale of the property when the last borrower dies or moves into long-term care.
Many plans can be moved to a new property if it meets the lender's criteria, but not always. Your specialist will explain the terms of any plan they recommend.
It's often a good idea, because releasing equity affects what you leave behind. It's entirely your decision, and you're welcome to bring someone with you.
Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. To understand the features and risks, ask for a personalised illustration.
Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Tell us a little about what you'd like to do. We'll come back to you, usually within one working day, and point you to the right specialist.
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