Equity release information guide
As you get older, you may consider equity release as a way of easing some of your financial worries, but it’s a big...

Equity release is a way of releasing cash from your home without having to move – but it comes with certain risks.
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Equity release is a way of accessing some of the money tied up in your home without having to move. There are two main types of equity release and they work in different ways.
Whether equity release is an option for you depends on a few things:
For a lifetime mortgage, you (or both of you if you're borrowing jointly) generally need to be at least 55 years old. However, some lifetime products are now available from 50 years old.
For a home reversion plan, you (or both of you if you're borrowing jointly) need to be at least 60 years old.
You must own property in the UK, and it must be your main residence. Your property also needs to be in reasonable condition and over a certain value. There may also be restrictions on the type of property accepted.
You might still qualify for equity release if you have a mortgage or other loan secured against your property – but it will depend on the value of your home and the amount you owe. You'll have to pay off any outstanding mortgages or loans secured against your home at the same time as taking equity release.
Equity release can be complicated if you live with any dependents. To stay living in the property with you, they might need to sign a waiver confirming they understand they don't have the right to keep living in the property if you die or move into permanent care.
Equity release could also affect someone coming to live with you in the future. If a family member or friend moves in after you take out equity release, they'll have to sign a waiver releasing any rights to the property.
Any dependents, family or friends should get independent legal advice before moving in or signing a waiver.
Always get advice from a specialist equity release adviser before taking out equity release. Search for a financial adviser through:
Understanding the features and risks of equity release can be complicated. We've outlined some of the advantages and disadvantages below of both types of equity release, but you should get further advice.
Always get advice from a fully qualified and experienced equity release adviser. They'll review your personal circumstances and see if there are any possible alternatives. If equity release is the right option for you, they’ll provide a recommendation of the type that best suits your requirements.
You should consider it very carefully and get specialist financial and legal advice before making any decisions.
Equity release can affect current and future benefit entitlement. If you receive any means-tested benefits, they may be reduced or lost entirely. Means-tested benefits include:
A specialist equity release adviser will be able to advise what will happen to your benefits if you take out a plan.
All firms advising on or selling equity release have to be regulated by the . This provides protection, security and access to the Financial Services Compensation Scheme if you ever need it.
You should choose a product from a company that's a member of the . This is an industry body and its members agree to follow a voluntary code of conduct and meet certain product standards. When these standards are met it means:
Always make sure you speak to a specialist equity release adviser, and that both the adviser and the equity release provider are authorised by the FCA. If something goes wrong with your plan, contact your provider first. They'll have a complaints procedure to follow. If you’re not satisfied with the response, you can contact the to see if they can help.
We offer support through our free advice line on 0800 678 1602. Lines are open 8am-7pm, 365 days a year. We also have specialist advisers at over 120 local ߣÍÃÊÓƵs.
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