If you have an existing mortgage, equity release can help you to clear it to free up more disposable income. This can give you peace of mind and make it easier to manage your finances in retirement.
Please note: any existing mortgage or loan secured against your home must be repaid to take out a lifetime mortgage.
Equity release can be used to gift money to a family member. This could be a way to help them with their own financial needs, such as buying a home or clearing their existing debts.
If you have any existing debts, such as credit card debt or personal loans, equity release can help you to pay them off. This can free up your monthly income and put more money in your pocket. However, you should always think carefully before securing a loan against your home to repay existing debt.
For some, money can be tight in retirement. Equity release can help boost your finances to allow you to live a more comfortable later life.
If you're thinking of making some home improvements, equity release could provide you with the funds you need, from futureproofing your property to installing a new kitchen.
Alongside the benefits of equity release, we also want you to be aware of what’s important to consider before making a decision.
To take out a lifetime mortgage, you first need to receive advice from a qualified equity release adviser who’ll look at all your options and tell you if it’s right for you.
If you’re yet to find an equity release adviser, we recommend searching the Equity Release Council's database of registered equity release adviser members. All Equity Release Council members have agreed to abide by Equity Release Council rules, guidance and standards, and have signed up to the Council's Statement of Principles.
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