To be eligible for equity release, you’ll need to meet the following:

Age: You (or the youngest applicant) must be at least 55.

Property ownership: You must own the home, and it’s within the UK.

Property value: Your home should typically be worth at least £70,000 (this can vary).

Mortgage: If you have an existing mortgage, it needs to be repaid. You can use the money you release to do this.

Each provider has their own criteria, and the amount you can release will depend on your age, property value and your personal circumstances. A qualified equity release adviser can help you understand what’s available and whether it’s right for you.

We provide initial advice for free and without obligation, which means we’ll find out about you, your circumstances and your objectives. If we think equity release is right for you, then we’ll provide you with a full, written recommendation confirming which plan your adviser recommends. We have access to the whole of the lifetime mortgage market, so we can find the best plan for your individual circumstances

When releasing equity from your home, you are required to speak to a professional, qualified equity release adviser. This is because equity release comes with benefits but also important things you need to consider, therefore speaking to someone will ensure you have all the information you need to make the correct decision for you.

Our advisers will never recommend equity release unless we think it is suitable for you.

If you decide to proceed and only when your case completes will a fixed advice fee of £1,695 be payable to us.

In addition, there will be some Solicitors fees to pay. This is for things such as searches, conveyancing, disbursements and VAT.

Some lenders may also charge a fee for some of their plans, or a valuation fee, while others may offer cash back. Your adviser will make you aware of these plans if they are suitable for you.

You can choose to pay the fees separately or use some of the money you release. If you include in the equity release plan it will accrue interest.

It’s not always easy to know if equity release is the right way to fund what you want or need. That’s why speaking to a qualified equity release adviser is so important. They’ll give you all the information you need to make the right decision — and they’ll tell you if equity release isn’t the best option for you.

At Equity Release Associates, we’re proud members of the Equity Release Council — the industry body that sets high product standards to help protect customers. We only offer products that meet these standards, so you can trust that the plan we recommend will be right for your needs.

Here are some of the key standards set by the Equity Release Council:

• You have the right to stay in your home for life, or until you move into long-term care — as long as it remains your main residence and you follow the terms of your agreement.

• You have the right to move to a new home and move your plan with you, as long as your new property meets your provider’s criteria.

• The “no negative equity guarantee” – meaning your estate will never owe more than your home is worth when it’s sold.

• You have the right to make penalty-free payments, if you choose to, subject to lending criteria. Early repayment charges may apply above a set amount.

The amount you can release depends mainly on your age, the value of your home and your personal circumstances. As a general rule, the older you are, the more you may be able to access.

Some lenders may also consider your health and lifestyle, which can increase how much you can release, if needed.

As an example, a 70-year-old might be able to release up to 44% of their home’s value on a single applicant plan.

We’ll talk through all of this in your free, no-obligation appointment before giving you a clear recommendation based on your situation.

No. All of the lifetime mortgages we recommend include a no negative equity guarantee. This means your family will never owe more than the value of your home when it’s sold.

If the sale of your home doesn’t cover the full loan amount, the remaining balance is written off. Your family won’t be left to repay the shortfall.

No, you won’t be forced to leave your home — but how ownership works depends on the type of equity release plan you choose.

• Lifetime mortgage: You stay the legal owner of your home and can live in it for life or until you move into long-term care. The loan is secured against your home, similar to a standard mortgage.

• Home reversion plan: You sell part or all of your home to a provider, but you still have the right to live there for the rest of your life. The provider gets their share back when the property is eventually sold.

In both cases, you can stay in your home for as long as it remains your main residence and you follow the terms of the plan.

If you’re the only person on the plan and move into long-term care, your equity release plan will end. The amount you release, along with any interest, will usually need to be repaid within 12 months. This is often done by selling the property.

There are no early repayment charges in this situation.

If you took the plan out jointly, it would only end when both of you have either passed away or moved into care.

Yes, in many cases you can.

Some lifetime mortgages are drawdown plans, which give you an initial lump sum and let you access more money later, from a pre-agreed reserve. You only pay interest on the money you actually take, not on the amount still held in reserve.

You may also be able to apply for a further advance (borrowing more money later), but this would require advice from your adviser and a new property valuation. If you go ahead, there’s a £1,395 fee when the advance completes.

Alternatively, you may be able to re-broker your plan in the future, moving to a new product to release additional funds. This would be subject to advice, eligibility at the time and a full reassessment of your circumstances. If you go ahead and your case completes you would be required to pay £1,695 advice fee.

Yes. You can repay part or all of your lifetime mortgage, but you don’t have to.

Many plans allow you to make optional repayments, up to a set limit, such as paying up to 10% of the loan each year. Anything above that limit will incur early repayment charges.

Lifetime mortgage rates are usually fixed for life, so your interest rate won’t increase — even if market rates do.

Being able to change your plan will depend upon on factors like:

• The amount you still owe (including interest)

• Whether early repayment charges apply

• If you meet the criteria for a new plan

Yes, you can move. Most equity release plans are portable, meaning they can be transferred to a new home — as long as it meets the lender’s criteria.

If your new home is worth less than your current one, you may need to repay part of the loan. That’s why it’s important to speak to your adviser before committing to a move. They’ll help you understand what’s possible and whether any changes to your plan will be needed.

The full process usually takes between 5 and 8 weeks from application to completion.

This includes:

• A property valuation

• A meeting with a solicitor to confirm you’ve received legal advice

• Final checks from the lender

Delays can sometimes happen – for example, if extra documents are needed – but your adviser and their team will support you every step of the way.