Category: Equity Release Advice

How the over 55s can make income from their family home

Many people over 55 years of age are cash poor but asset rich. They may not have a lot in the bank, but have considerable value in their family home, especially if the mortgage is paid off or nearly paid off. One option for extra income is equity release which gives access to money tied...

Equity release could provide much needed money as you get older

For many people, their biggest financial asset is their home. For people over 55 who find themselves short of money, equity release is a way to access the money tied up in it. There are two main types of

Equity release and your parents

For many retirees searching for greater financial freedom, equity release is increasingly providing an attractive option. Though you personally may not currently have need of the solution, a parent or other relative who is in or approaching their retirement may find it useful to consider as a way of generating an extra income during their...

Can I make part repayments of capital?

Most equity release plans are structured on an interest roll up basis where there is limited income or interest paid basis which will protect the remaining equity in the home. In some instances up to 10% of the capital borrowed can be repaid after a qualifying period. You can also repay some of the capital...

What happens if I want to move house?

All Equity Release Council members (formerly SHIP) allow you to move to another property as long as the new property meets the providers lending criteria. This will be dependent on the property value & each case will be considered on an individual basis. If you are downsizing, you may need to reduce part of the...

If I have an existing equity release plan can I apply for additional borrowing?

Yes depending on how much was originally borrowed, and the current value of the property. This can be done either as a top up to your existing scheme, or in some instances, it may be more beneficial to switch equity release providers.

I have poor credit, can I still get Equity Release?

Equity release schemes are not dependent upon repayment ability and therefore a good credit history is not essential but you must disclose all material facts. Not all equity release companies will however accept all types of adverse credit and it would be beneficial to seek the advice from a broker who can research the whole...

What is the minimum age to qualify for equity release?

This depends on the age of the youngest person on the title deeds & also property criteria. For lifetime mortgages the minimum age is 55 and for a home reversion plan the minimum age is 65.

If I am still working, can I apply for Equity Release?

Yes, providing you satisfy the minimum age requirements.

Is there a minimum property value for equity release?

Typically the minimum property value acceptable in the equity release marketplace is £70,000