Equity Release for Homeowners aged 55 and older
Looking to raise tax free cash without moving home?
Compare Equity Release Quotes From UK Providers
Equity release mortgages allow you to unlock the value in your property and use the cash as you wish without having to move out of your home.
Releasing equity from your home provides a valuable option for people in retirement who are looking to pay off debt or to provide an extra income stream.
As with all financial planning it needs to be considered alongside other financial options which is why getting advice is very important.
We work with independent equity release specialist Key Advice who provide:
Equity Release Service
- Borrowing options from age 55 to 99
- Independent advice on your mortgage options
- Interest only options
- Top UK lenders compared
- One short form to complete
What is a Equity Release Scheme?
There are 2 types of equity release plan; lifetime mortgages and home reversion schemes:
- You take out a loan secured on your home which provides a tax free cash lump sum to spend as you wish
- You continue to own your home
- No monthly repayments
- You can opt for a drawdown plan which provides flexible cash release as and when you want it
- You repay the mortgage from the sale of your home – when you die or move into a care home
- With a lifetime mortgage the amount that can be borrowed depends on your age (or the age of the youngest applicant, if there are two of you) and the value of your property, up to a maximum of 58% of the property’s value.
Home Reversion Schemes
- You sell all or part of your home to a reversion company or individual
- You no longer own your home but continue to live there as a tenant and may have to pay a small amount of rent
- Both you and the reversion plan company participate in any future growth of the property
- The reversion company or individual sells your home when you die or move into a care home
With equity release schemes, you usually get the money as a lump sum which you can then use as you wish, or some allow you take the cash as a regular ‘income’.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Equity release may affect your entitlement to state benefits and will reduce the value of your estate. It may involve a lifetime mortgage or home reversion plan. All content set out in this website is provided for information only and should not be considered as advice. It is strongly recommended that you seek advice of a qualified, independent financial advisor before making any decisions to take out an equity release product.
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