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Hello,
We’re here to help you explore and understand equity release, step by step, over the coming weeks. We invite you to take a moment for yourself, perhaps with your favourite drink in hand, to enjoy our informative weekly insights from the comfort of your home. This week, we’re starting with a brief overview of what equity release is and who might be eligible. |
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Equity release is a generic term that applies to the withdrawal of tax-free cash from your property. The most popular type of equity release is a lifetime mortgage, starting at age 55.
As well as lifetime mortgages, there are 3 other ways people over age 50 can release equity:
- Retirement Interest Only Mortgage (RIO)
- Retirement Mortgage (fixed term)
- Home Reversion Plan
You can read more about what equity release is and the different types here.
To qualify for equity release you must meet three, very simple eligibility criteria. These are:
- You must be aged 55+
- You must be a homeowner, with your main residence being located in the UK
- Your property must be worth a minimum of £70,000
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There are a few other details a lender will consider when reviewing you application and eligibility for equity release. Some of these include:
- The location of your home
- Your home's value and condition
- Your age
- Your health
- How much money you are looking to release
- Your credit history
To read more about these lender considerations and eligibility, visit our website here. |
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| If you want to check your eligibility, and what plans are available based on your personal circumstances, you can search the whole equity release market using our online comparison tool - smartERTM which is available 24/7. |
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| If you have any questions, our expert advisers are on hand to help you. They will be happy to have a no-obligation chat with you, where they will explain everything you need to know and will help you make a fully informed decision about your financial future. You can find your local adviser here, or call us on 0800 088 5951. |
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| Look out for our next wintER warmER email with more insightful facts about equity release coming soon...
Yours,
Mark Gregory
Founder and CEO
Equity Release Supermarket
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