Equity release is a way of taking money out of a home you own without moving and without repaying anything while you live there. This explains it plainly, and then sends you to the pages that show what it costs.
One paragraph, then the four things that are true about it, then everywhere else on this site. Nothing is sold to you on this page.
Equity release may involve a lifetime mortgage, secured against your property, or a home reversion plan. It will reduce the value of your estate and impact funding long-term care.
Equity release is a way of taking money out of a home you own, without moving, and without repaying anything while you live there. What is taken out, plus the interest, is repaid when the last of you dies or moves permanently into long-term care, almost always from selling the property.
There are two kinds. A lifetime mortgage is a loan secured against the house and is what most people mean; a home reversion plan means selling part of it. Roughly speaking, one grows a debt and the other gives up a share.
For life, or until a permanent move into care. On a lifetime mortgage your name stays on the deeds.
Unless you want to. Paying the interest is allowed and it stops the debt growing, which is the biggest lever you have.
How much you can borrow comes from your age and the property, not from your income or your employment. There is no affordability test, because there is nothing to pay each month unless you choose to. A credit search is still carried out.
You cannot take one out without it, and a solicitor has to advise you separately. Those are requirements, not sales steps.
Encouraging you. We are not advisers, we are not authorised to recommend anything, and pushing somebody towards taking out equity release would be advice.
What we publish instead is what it costs, what it does to your estate, what it can do to a benefit, and what else you could do instead. All of it with the source and the date on it. Read the risks page before you read anything else here.
Equity release may involve a lifetime mortgage, secured against your property, or a home reversion plan. It will reduce the value of your estate and impact funding long-term care.
Equity release requires repaying any existing mortgage. Money released, plus accrued interest, would need to be repaid upon death or moving into long-term care.
Short answers to the things that come up most. None of it is advice, and every figure on this page carries its source.
It is a way of taking money out of a home you own, without moving, and without repaying anything while you live there. What is taken out, plus the interest, is repaid when the last of you dies or moves permanently into long-term care, almost always from selling the property.
A lifetime mortgage is a loan secured against the house, and it is what most people mean by equity release. A home reversion plan means selling part of the property instead. Roughly speaking, one grows a debt and the other gives up a share.
Not unless you want to. Paying the interest is allowed and it stops the debt growing, which is the biggest lever you have over what this ends up costing.
Your income is not, and there is no affordability test, because with a lifetime mortgage there is nothing to pay each month unless you choose to make payments. Your credit record is a different matter. One lender publishes that credit and voters roll searches will be carried out on all applicants, and that up to four CCJs per application will be accepted. No affordability test does not mean no credit check.
Yes, and you cannot take equity release out without it. A solicitor also has to advise you separately and independently. Both are requirements rather than sales steps.
Equity release may involve a lifetime mortgage, secured against your property, or a home reversion plan. It will reduce the value of your estate and impact funding long-term care.
One qualified equity release adviser. They will go through your figures and tell you if there is a better answer. It costs nothing and commits you to nothing.
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