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What is Equity Release?

Equity release is a way of releasing the wealth tied up in your property without having to sell it and move to another home.

It is designed to help homeowners aged 55 years or over who either own their property outright, or have relatively small mortgages left to pay. Homeowners fitting this category can then “release equity” in their property – that is, take out a loan or sell part of the value of the property – knowing that they have the option of not actually paying that money back to the lender. The loan can be either repaid in full or part or you can choose to have it repaid at a future date, when the property is sold.

In Summary:

  • Continue to own their home with a Lifetime Mortgage
  • No monthly payments required (although you have the option to make them with certain lenders)
  • Repaid from the proceeds from the sale of your home on your death or should you move into long term care
  • Right to stay in your home for your lifetime
  • Covered by a no Negative Equity Guarantee
  • Right to move – portable
  • No fixed term – term is for your lifetime

Equity Release Calculator

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