Can i get equity release

Before using equity release, seek professional advice. You can find these through the Society of Later Life Advisers.

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In this article. Should I take out equity release? Equity release: how your debt grows What are the alternatives to equity release? Using equity release to pay for care in later life Where can I get equity release advice? Plan your finances. Use our pension calculators to build a financial picture for your retirement. Money Release Limited is registered in England No. FCA registered number Contact Money Release Simply click on the links below London: Portishead: Email: info moneyrelease.

Can I get Equity Release with a mortgage? See the full article below. Equity Release: Are you eligible? Property value:. Age of youngest homeowner:. Outstanding mortgage:. Check My Eligibility.

It takes less than 30 seconds. All equity release lenders require that they are the sole first charge on your property. Any existing mortgage or charges will need repaying as part of an equity release. Any remaining money is paid into your bank account. Let's explore how any existing secured borrowing on your home affects an equity release.

In this guide, you will learn: What happens to my mortgage when I take equity release? What if I can't cover my outstanding mortgage with equity release?

Do I have to pay off my secured loan? What is the difference between a standard residential mortgage and an equity release lifetime mortgage? How much equity release can I take? I already have an equity release lifetime mortgage; can I borrow more?

What happens to my mortgage when I take equity release? Let's discuss some of the situations and options available: The maximum amount you may achieve with an equity release is based on your property value and your age.

There are a few reasons why you may be in the position where the maximum equity release is not enough to cover your outstanding mortgage, including: Interest-only mortgages. Despite having paid the interest monthly for the duration of the mortgage, the capital balance remains.

The capital sum required to repay may be greater than the percentage you can release from your home. Younger borrowers. You have a mortgage and want to pay it off to reduce your monthly outgoings. But you are at the lower end of the equity release age bracket, so can only release a smaller percentage from your home.

Let's look at the table below, highlighting some of the similarities and differences: Residential Mortgage Lifetime Mortgage You retain full ownership of your property. Yes Yes The mortgage lender has a registered charge on your property. Yes Yes What is the maximum loan amount? Based on affordability typically 4. Based on your age and your property value.

Your eligibility is based on your income and expenditure? Yes No Voluntary payments can be made. Finding an adviser Always get advice from a specialist equity release adviser before taking out equity release. You may continue to benefit from any rise in the value of your property.

You can still move to a suitable alternative property in the future, as equity release is transferable. It will be subject to your new home meeting the property suitability criteria applicable at the time. With a lifetime mortgage, you continue to live in and keep ownership of your home.

Disadvantages Equity release reduces the value of your estate and the amount that will go to the people named as beneficiaries in your will. Your estate is everything you own, including money, property, possessions and investments. With a home reversion plan, the reversion company owns all or a part-share of your home.

Getting a lump sum or taking extra cash to supplement your income may reduce your entitlement to means-tested benefits, now or in the future.

If you get care at home funded fully or partially by the local council, they may start charging you or ask you to pay more.

When these standards are met it means you: can live in your property for life, or until you move into permanent residential care can move your plan to an alternative property providing it is acceptable to the equity release product provider will never owe more than the value of your home when it is sold after you die or move into permanent residential care.

Become part of our story Facebook Twitter Youtube Instagram. Sign up today Email address. Errors Please enter a valid email address. For any other enquiries please get in touch via our contact us page. Monday to Sunday am - pm We may record and monitor calls. You can opt out of marketing at any time by emailing lgfaoptout landg. Lifetime Mortgages a type of equity release and Retirement Interest Only Mortgages are sometimes grouped together as 'later life mortgages' or 'later life lending' products.

While similar and often used for similar purposes, these are different products and it's important to understand the differences between the two. There may be cheaper ways for you to borrow money. Find out more about our range of later life mortgages, or use our simple tool to find out which product might best suit your needs.

A Retirement Interest Only mortgage is a loan secured against your home. You have to pay the interest off monthly, but the full amount of the loan isn't usually repaid until you die or move out of the home into long-term care.

As a last resort, your home may be repossessed if you do not keep up repayments. If you're looking to release some money from your home to pay off an existing mortgage, this is one of the options available to you. You are here: Retirement Equity Release. What is equity release and how does it work? Find out more about how to release equity from your home. Give us a call now Give us a call now Request a call back Request a call back. Close this screen. First name. Last name.

Equity release is aimed at homeowners aged 55 and over. It allows you to take some of the value of your home as cash. Depending on the product you choose, you can receive the money as a lump sum or series of lump sums. The loan doesn't need to be paid back until the last surviving borrower dies or moves out of the home and into long-term care.