Equity Release is a means of using the value of your home to receive either a lump sum of cash or regular monthly installments. In all instances, age is the primary factor in determining the percentage of the value of your home that can be released.
A person of an older age can release a higher percentage of the value of their home, than a person of a younger age, as they are not expected to live as long.
There is no maximum age limit for equity release, although applications are not usually granted for anyone under the age of sixty.
Consider speaking with your children if you have any to let them know what you are doing so there aren’t any nasty surprises when it comes time to pass on your estate.
If you are thinking about taking out an Equity Release Mortgage give us a call and one of our specialists in that area would be happy to walk you through the process.
Find out more about Equity Release Mortgages by calling our Freephone Helpline on 0800 103 2655 or complete the Contact Form on this page and one of our team will call you straight back.