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Equity release refers to a range of products letting you access the equity (cash) tied up in your home if you are older. You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both.

To be eligible for a lifetime mortgage (equity release), you must be a UK homeowner and aged 55 or above.

You retain full ownership of your home with a lifetime mortgage as long as you abide by the terms and conditions of the mortgage. Lifetime mortgages provide the right for homeowners who release equity to live in their home until they die or go into permanent long-term care.

Absolutely! You will be able to remain living in your home for as long as you are alive or until you go into long-term care, as long as you abide by the terms and conditions of your equity release plan.

No, all equity release products offer a no negative equity guarantee. This means when you finally repay the debt (when you or the last person dies or goes into long-term care) the amount to be repaid will never be more than the value of your home (provided that you followed the terms and conditions of the equity release plan).

Interest is added on to a lifetime mortgage, which compounds monthly. All legal and advisory fees are typically paid for out of your released equity and will be explained to you during your free consultation. This is where qualified advice is important, as an equity release adviser can recommend the most suitable plan for you, accounting for the costs of both interest rates and fees.