5 Reasons Over 65s Should Release Equity From Their Homes

Don't Fall for the Myths About Equity Release | Royal London Equity Release Advisers
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Don't fall for the myths about equity release - get the facts
Equity release has long been surrounded by numerous myths, such as it being unsafe or the possibility of losing your home. Although many UK homeowners could benefit from accessing their property wealth, many still hold misconceptions about what equity release is and how it works.
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These myths have prevented many potential customers from considering equity release as a potential financial solution in later life. Royal London Equity Release Advisers is here to help you get to the truth.
Discover the truths
With a Lifetime Mortgage, the UK's most popular form of equity release, your home remains 100% your own. The no-negative equity guarantee ensures that you never owe more than the value of your home, protecting your loved ones from inheriting Lifetime Mortgage debt.
In addition, the amount you owe is only due for repayment after the last homeowner passes away or moves into permanent long-term care. This is usually done through the sale of the property. Your interest rate will be fixed throughout your plan, giving you complete clarity over the full cost. There are also a variety of features allowing you to tailor your release, meaning that Lifetime Mortgages represent an incredibly flexible type of borrowing for homeowners over the age of 55.
If you're over 55 and your home is worth £70,000 or more you could be eligible for equity release. Use Royal London Equity Release Advisers’ free calculator below to see how much tax-free cash you could unlock from your home!
These myths have prevented many potential customers from considering equity release as a potential financial solution in later life. Royal London Equity Release Advisers is here to help you get to the truth.
Get your free guide
Calculate now
Discover the truths
With a Lifetime Mortgage, the UK's most popular form of equity release, your home remains 100% your own. The no-negative equity guarantee ensures that you never owe more than the value of your home, protecting your loved ones from inheriting Lifetime Mortgage debt.
In addition, the amount you owe is only due for repayment after the last homeowner passes away or moves into permanent long-term care. This is usually done with the sale of the property. Your interest rate will be fixed throughout your plan, giving you complete clarity over the full cost. You should also know that a Lifetime Mortgage will reduce the value of your estate and potentially affect your entitlement to means-tested benefits. There are a variety of features available to tailor your release and help to mitigate some of the risks, meaning that Lifetime Mortgages represent an incredibly flexible type of borrowing for homeowners over the age of 55.
If you're over 55 and your home is worth £70,000 or more you could be eligible for equity release. Use Royal London Equity Release Advisers’ free calculator below to see how much tax-free cash you could unlock from your home!
Free Equity Release Calculator
Find out how much you could release with the help of Royal London Equity Release Advisers! Equity release could be used to pay off existing mortgages, fund home improvements, and more.
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Enter the value of your property to calculate how much you can release. You must own a home with a minimum value of £70,000 to release equity.
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The age of the youngest homeowner affects how much equity you can release. You must be aged between 55 and 110 to be eligible for equity release.
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5 facts about Lifetime Mortgages
You still own 100% of your home.
You'll never owe more than your property's value.
You can ring-fence some of your home's value to pass on as an inheritance.
You can choose to make optional repayments to reduce the amount that you owe.
The money you release can be used to help pay off existing mortgages, provided you can clear the full amount, meaning no more more monthly repayments.
The personal information collected will be used by Royal London Equity Release Advisers to respond to your request by telephone and/or email and post. Please view our privacy notice for more information on your rights and how Royal London Equity Release Advisers will use your personal information.
Your later life lending options
If you're a homeowner aged 55 or over, Royal London Equity Release Advisers can help to compare the different lending options that are available. Equity release with a Lifetime Mortgage can be a powerful financial tool. But there are a couple of other mortgages which are worth considering. We will work with you to find the best solution.
So, what are the options available?
1. Lifetime Mortgages
If you don't want to commit to required monthly repayments and don't want to pay off your loan in your lifetime, then a Lifetime Mortgage might be suitable for you.
2. Mortgages in retirement
If you're happy committing to monthly repayments, Retirement Interest-Only Mortgages or other traditional mortgages could also be the right choice for you.
Lifetime Mortgages
Equity release can allow eligible homeowners aged 55 or older, to access some of the money tied into the value of their property. The most common form of equity release is known as a Lifetime Mortgage, which enables you to access tax-free cash from your home whilst still maintaining full home ownership.
A Lifetime Mortgage is the UK's most popular form of equity release, as it allows UK homeowners to take advantage of their property wealth to fund their later life ambitions with the option to not make any repayments during their lifetime.
If you are over the age of 55, then you could be eligible to release tax-free capital from your home, whilst retaining full home ownership.
As payments made are entirely optional, Lifetime Mortgages do not come with the risk of repossession as a result of missing one. However, releasing equity with a Lifetime Mortgage will reduce the value of your estate and could affect your entitlement to means-tested benefits.
How much could you borrow?
The amount that you can borrow depends on the value of your home and the age of the youngest homeowner on the deeds.
To be eligible the youngest homeowner must be aged 55 or over, and the property must be worth at least £70,000.
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