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Frequently Asked Questions
Equity Release is a way for you to access the cash tied up in your home, otherwise known as equity, without the need to move or downsize. Monthly repayments are optional and any tax-free cash you receive is yours to spend as you wish.
There are several different types of Equity Release from which to choose. You can opt for a plan that pays you a single lump sum up front or one that allows you to drawdown cash in stages. Depending on the type of plan, you normally do not need to make any repayments as the interest will be rolled up and added to the loan. Alternatively, you may decide to make monthly interest repayments so the amount you owe doesn’t increase.
Equity Release gives you the right to remain in your home for the rest of your life or until you go into long term care. A Lifetime Mortgage, the most popular type of Equity Release plan, allows you to release equity while retaining ownership of your property. Alternatively, if you are 65 or over, with a Home Reversion plan there are no rolled up interest payments but you sell all or part of your property in return for a tax-free lump sum, and stay in your home as a tenant, paying no rent.
The amount of cash you can free up from your property usually depends on your age, the value of your property and any qualifying medical conditions or lifestyle factors you may have. Generally you can release up to 50% of the value of your home. You can choose whether to release this lump sum all at once, or in stages to reduce the interest accrued on the loan.
The tax-free cash can be spent on anything you wish, but you must first use this to repay in full any existing standard mortgage currently on your property. The easiest way to find out how much cash you could receive for your circumstances is to use our free Equity Release quote calculator at the top of this page.
Yes, with a Lifetime Mortgage you don’t need to move out of your home. If you decide in the future that you wish to move or downsize you can do so at any time as this type of Equity Release plan is portable. The loan can either be transferred to your new property or repaid using the sale proceeds. The Equity Release loan must only be repaid after the last surviving occupant of the house passes away or moves into long term care.
Please note that equity release will involve a home reversion or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care. To fully understand the features and risks, ask for a personalised illustration. Equity release requires paying off any existing mortgage. Any money that is released, plus accrued interest would be repaid upon death, or moving into long term care.