What is equity release?
Equity release refers to a range of products letting you access the equity (cash) tied up in your home if you are older. You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both.
Equity release lets homeowners aged 55 and over release tax-free cash from the value of their home. The amount you can release is based on your age and how much your home is worth. Depending on the equity release product you choose, you can claim your money as one lump sum or a series of smaller lump sums.
You can use the money you release however you like.
• Help your family e.g., university fees, buying their first home.
• Live out your dreams. maybe that special anniversary or travelling the world.
• Make vital improvements to your home.
• Pay off loans, or have some extra money to help you enjoy your retirement
Lenders can also give you the option to protect an inheritance for your family from the value of your home. The amount you protect won't be used when calculating how much you can borrow.
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Two types of equity release.​
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Lifetime mortgage: The most popular type of equity release. A lifetime mortgage lets you take a loan secured against your home whilst still owning it.
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Home reversion scheme: You sell all or part of your property for less than the market value. You stay in your home, but as a tenant.
Most people who take out equity release use a lifetime mortgage
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Equity Release plans are not right for everyone.
If you are unsure about which product is right for you, you should seek advice from a qualified Equity Release adviser and ask for a personalised illustration. We offer an equity release referral service