No lender fees
No broker fees
Free valuation
2.31% ARPC fixed for life
Available to anyone over 55
Doesn’t matter if you still have a mortgage
Use the money to do what ever you like

There are some great things about being over 55. One of them is that you can access part of your property value without proving income for traditional interest-only mortgages.

An equity release lender can offer you a lifetime mortgage to release equity tied up in your home. Equity release for people over 55 is becoming increasingly popular.

The even better news is that lifetime mortgages can have a really low interest rate, similar to an interest-only mortgage you may have had in the past.

If you still have an existing mortgage, the equity release product or lifetime mortgage will enable you to pay off your outstanding mortgage with part of the one-off lump sum. When releasing equity with no monthly payments, the tax-free lump sum will depend on the value of your home and your later life plans.

It can be wise to use an independent financial adviser regulated by the financial conduct authority to help you with the type of equity release or retirement interest-only mortgage you need. There is a lot of protection from the financial ombudsman service and prudential regulation authority.

Most lifetime mortgages are easy to qualify for and upper age limits are a thing of the past. All lenders for drawdown lifetime mortgages who are members of the equity release council follow the no negative equity guarantee with you will never be hit with a bill for negative equity.

If you take one lump sum from the market value of your home to release capital from the value of your property, there are some drawbacks. It could prevent you from claiming some means-tested benefits, and these state benefits could be significant.

Using your mortgage-free main residence to get equity release could help you pay down other debts, such as loans and credit cards, that you are struggling to pay.

The maximum percentage and minimum amount of equity release is probably different from a standard mortgage and you should consider all financial products for an older homeowner and other retirement options before signing any paperwork.

If you have a significant net worth, your retirement planning could involve an equity release work study to see if you can minimise your inheritance tax.

Older homeowners may need cash to help their son or daughter buy a new property or holiday home.

Your home will eventually be sold when you die or go into residential care to pay off your equity release mortgage. The sale proceeds will pay off the debt first, based on what the equity release calculator predicted.

Equity release generally refers to a product with no monthly repayments. The loan is paid back when the last borrower dies or moves into a nursing home.

What are Home Reversion providers?

Years ago, people used to go to a home reversion provider to sell some or all of their homes for a reduced value. They were then given a legal agreement saying they could live there for the rest of their lives. These plans are much less popular today as the minimum age criteria are quite high.

The benefits of equity release over 55 years old

Even though there were no mortgage payments and you didn’t need to pay interest with home reversion, in the rising UK property market lump sum lifetime mortgages are generally a better option for most people.

Many people with high and low interest rates get sick of regular payments—money leaving their accounts each month; however, equity release gives freedom from this.

Home Equity Release over 55 years old UK

The benefits of equity release over 55 years old

Secured Loan And Equity Release Lenders