You can use equity release to raise money from the value of your home if you own it yourself. Decide if you want to use it to provide:

  • A lump sum

  • A monthly income

Decide which equity release scheme to use

You can release equity from your home using:

  • Lifetime mortgages, which lend you a lump sum secured against your home that is paid back when your home is sold. You still own your home, and the amount you owe increases over time as interest is added.

  • Home reversion schemes, which let you sell all or part of your home to the provider in return for a lump sum or monthly income. You can continue to live in your home rent free for the rest of your life.

Find out more about lifetime mortgages and home reversion schemes to decide which type of deal suits your financial circumstances and what you want from equity release.

Check you are eligible

Most equity release companies require you to:

  • Own your own home, usually with no outstanding mortgage

  • Be 55 years old or more, but some schemes have a higher minimum age

  • Own a home in a good condition to meet their requirements

Find out who can use equity release schemes to see if you are eligible.

Consider the risks

Releasing equity from your property means your family will not inherit all of it. Instead the equity release company owns some or even all of the property.

There are several costs that come with equity release and it can affect the benefits you receive. Read about the benefits and risks of equity release.

Get financial advice

Speaking to an independent financial adviser could help you decide which scheme to use and work out the risks, costs and benefits of releasing equity from your home.

A financial adviser could also help you find the cheapest deal.

Choose a mortgage

If you decide to get a lifetime mortgage, you can find one using this comparison, which lists the monthly interest rate and maximum LTV for every deal. You could also get a quote from an equity release broker, which comes with expert financial advice.

If you want to use a home reversion scheme instead, here is what you need to know about them. You can then compare deals by contacting an independent financial adviser.

Equity release FAQs

Q

What types of equity release scheme can I get?

A

There are two different options, which are a lifetime mortgage or a home reversion scheme. Here is how they both work.

Q

Should I get financial advice?

A

You can get advice and a lifetime mortgage quote from a broker. You can decide what option is best by contacting an independent financial adviser.

Q

What are the alternatives to equity release?

A

You could raise money by moving to a smaller home, or getting a loan. A financial adviser could help you decide.

Q

How much can I get from equity release?

A

This can depend on your age, your property's value, the scheme you use and how much equity you sell.

About our mortgage comparison

Q

Who do we include in this comparison?

A

We include mortgages available through our independent broker, Responsible Equity Release. They are all from lenders regulated by the Financial Conduct Authority. Here is more information about how our website works.

Q

How do we make money from our comparison?

A

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.