Is equity release right for you?

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Is equity release right for you?

 
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Are you a UK homeowner?
Are you a UK homeowner?

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Unfortunately, you need to be a homeowner to apply for an equity release product

For your property, how old is the youngest homeowner?
For your property, how old is the youngest homeowner?

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Unfortunately, all homeowners must be aged 55 or over to apply for an equity release product

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What is the estimated value of your property?

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Why release funds from your home's value?

Have you ever wanted - or needed - to get hold of extra funds? If you have equity tied up in your home, you could access the money you want, without the disruption of moving house.

Releasing the value tied up in your property can be a practical option to take the stress off your finances. It could make later life happier and easier, leaving you free to enjoy a secure retirement in your own home.

Ease life's financial pressures

Many people consider equity release to help cover everyday living and unexpected costs, like replacing a boiler or car repairs. However, it's also used to fulfil lifetime dreams, such as taking that luxury cruise, making a special trip to visit faraway family, or buying your own mobile home.

If you don't want to sell your home, but you want funds to meet life’s changing circumstances, equity release could be the solution.

Is equity release right for you?

The benefits of equity release

  • No need to move house to benefit from the value in your property
  • A large cash sum could give you financial freedom and security for later life
  • You retain ownership of the property (depending on the type of product)
  • Typically no monthly repayments are required
  • Regulated and bound by the Equity Release Council
Find out how much equity you could release

What you need to know

As a quick overview, equity release is like a mortgage on the property. It allows the homeowner to exchange part of the value (or equity) of the property for a lump sum, while they continue to live there.

The money is the homeowners to spend as they wish, with no need to disrupt life by selling up or moving away.

Reassuringly, equity release is a regulated financial product like any other mortgage, and is controlled by the Financial Conduct Authority (FCA).

Getting clear information about equity release is crucial. The For Later Life service can help by referring you to our specialist partners, who can connect you with a qualified financial specialist. They can tell you all you need to know about equity release, and how it might work for you. Our specialist partners, to whom we refer consumer enquiries, pay us a marketing fee.

Answers to your questions about equity release

Reasons people choose equity release

As the cost of living has risen, equity release is just as likely to be chosen to help pay for day-to-day expenses as it is to fund a luxury retirement.

Freeing the wealth currently tied up in your property can financially smooth the ups and downs of later life, while making sure you get the most out of your retirement.

Wedding couple getting married
For everyday living

Weddings, big family events, celebrations, and gifts.

Car repairs, replacing kitchen appliances, and home maintenance.

Beach with a pier overlooking the ocean
For a great retirement

Live life to the full - treat yourself to a new car, buy a motorhome, go on a cruise, book an exotic holiday.

Plan once-in-a-lifetime experiences.

Take an extended trip to visit far-off family and friends, tour the places you’ve always wanted to see.

House kitchen
For the big outlays

Cover the costs of a new roof, or pay for a new kitchen.

Buy a property if a regular mortgage isn't possible due to age, or poor credit history.

Break free and pay off an interest-only mortgage (replaces the Endowment Mortgage).

Granddaughter takes care of grandma
For life changes

Buy the partner's share of the marital home if getting divorced.

Support adult children through financial troubles or divorce, or help them to buy an ex-partner out of their family home.

Pay for carers at home, or fund residental care home costs for a partner.

Finding an equity release specialist

Simply complete the quick For Later Life contact form and one of our trusted partners will contact you directly by phone or email, usually within 24 hours.

They will connect you with an experienced financial specialist who will help you to understand how equity release works, and if it could benefit you. There's no cost and no obligation with For Later Life.

Take this free opportunity to discuss whether equity release is right for you, and get expert information on equity release products without any obligation.

Complete and return the short form today.

Could equity release be right for you?

Equity release lifetime mortgage

A lifetime mortgage is by far the most popular form of equity release. It's designed for borrowers typically aged 55 and over.

The homeowner borrows an agreed sum against the value of their property. They can either take the full amount all at once or draw funds out in instalments as needed—this is known as a drawdown lifetime mortgage. Drawdown mortgages are becoming increasingly popular, as they provide flexibility and help reduce interest costs, as homeowners only pay interest on the amount they’ve withdrawn.

Equity release trends show a growing number of borrowers are opting for drawdown plans, which better suit their financial needs over time. With rising life expectancy, drawdown mortgages can help homeowners manage their finances effectively in retirement by providing access to funds without the pressure of taking a lump sum.

The homeowner retains ownership of the property and continues to live in it.

Get straightforward answers about equity release

An overview of a lifetime mortgage

  • The amount you can borrow is based on factors such as your age, the value of your property, and sometimes health.
  • The older you are and the more valuable your property, the higher the potential loan amount.
  • The borrowed amount, along with interest, is repaid when the homeowner either passes away or moves into long-term care.
  • Fixed interest rates mean there is no financial uncertainty in the future.
  • The loan is usually repaid through the sale of the property.
  • Interest accumulates on the loan over time, but this will be paid for using the remaining equity in your home when it is eventually sold.
  • Schemes can offer the flexibility to pay off the interest as you go, to protect the amount left for beneficiaries.
  • Typically no monthly repayments are required (unless the homeowner wishes to make payments on the interest).
  • Lifetime mortgages come with a 'no negative equity guarantee' which means a debt will never be left behind for family, even if the property sale doesn't cover the final repayment.
  • Some lifetime mortgages offer options for inheritance protection, allowing borrowers to ring-fence a portion of the property's value for their beneficiaries.
  • You are free to repay the lifetime mortgage in full at any time, should you come into money. Repaying entirely would mean early repayment charges apply, but all providers allow flexibility depending on your situation, so ask for an illustration.

Home reversion plans are also available. These work in a different way to lifetime mortgages. You can find out more when you get in touch.

Could equity release change your life?
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