Are You Eligible for Equity Release?

To be eligible to release equity from your home you must first be over 55 years of age. If you are looking to take out equity release as part of a couple then the youngest individual must also be over the age of 55.

You must also be a homeowner of a UK based property. The home you own must be of a value usually no less than £70,000. The property should be your primary residence, of a standard construction and be in a condition of good standing.

What About my Existing Mortgage?

If you wish to take out an equity release plan, but your property has an existing mortgage, your eligibility rests on the amount of your remaining mortgage and how much equity you can release.

You need to be able to release enough equity to pay off any outstanding mortgage or any loan that is secured against your property. If not, to qualify you must be able to pay these outstanding loans off via alternative methods before going ahead.

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Things to consider

Although the minimum property value and other criteria for equity release do vary between providers, the points listed here are the most general qualifiers that you will face. Equity release will reduce the value of your estate, and could also affect your entitlement to means-tested benefits. The most popular type of equity release is a lifetime mortgage, which is a loan secured against your home. If you’re thinking about releasing equity from your home, we recommend reading ‘Is it right for you?’ carefully.

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