What is equity release?
Lifetime mortgage -
lump sum
A lump sum lifetime mortgage provides tax-free money as a single, one-off amount. This type of equity release plan could be ideal if you need to pay for large expenses. An independent adviser will be able to tell you more
Lifetime mortgage drawdown
A drawdown lifetime mortgage provides tax-free money from your home in installments rather than in a single lump sum. Due to the variety and types of drawdown lifetime mortgages, the size of drawdown could differ by lender. An independent adviser will be able to tell you more.
Home reversion plan
A home reversion plan is an equity release plan where you sell all or a percentage of your property at less than its market value in return for a tax-free lump sum, a regular income, or both. An independent adviser will be able to tell you more.
Am I eligible for equity release?
Property
Your property must be valued for at least £70,000
Money
The minimum tax-free amount you can release is £10,000
Age
The minimum age for equity release is 55, this is the youngest homeowner