What is Equity Release?
Equity release is a way of unlocking some of the value of your property without the need to move. The maximum amount of equity you are able to release depends on your age and the value of your property. However, if equity release is suitable for you, one of our specialist equity release advisers will help you to decide what you actually need, rather than just looking at the maximum available.
There are three types available.
2. Home Reversion Plan.
3. Interest Only Mortgage
What you can use the plan for:
- Protect your loved ones
- Pay for your funeral
- Leave a lump sum behind for your children or grandchildren
- Instant cover available in most cases
- Protect your family
Are you eligible?
Your home must be in mainland UK or Northern Ireland and each provider also has different criteria which may restrict the type of property they are prepared to consider. If you currently have a mortgage or loan on your home, this will need to be repaid either before or at the start of your equity release plan. The released funds can be used to clear the mortgage and loan.