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Equity release helps UK homeowners aged 55 and over access some of the money tied up in their home
Equity release is the combined name of two products, a lifetime mortgage or home reversion scheme which allow clients aged 55 and over to access the equity (tax free cash) tied up in their homes. With a lifetime mortgage, the most popular type of equity release, clients can choose to take the money released as a lump sum or after an initial release, in smaller amounts (drawdown). There are no affordability checks and the loan is usually repaid when the house is sold following their death or admission into long-term care.
Equity release has evolved rapidly from a niche lending option for the elderly to become a competitive, mainstream later life planning option, a sector growing faster than any other in the mortgage industry.
Customer demand is driving innovative plan features
Modern lifetime mortgage plans are highly flexible and offer clients more options. From inheritance protection features that allow clients to protect a percentage of their home's future value for the benefit of loved ones, to plans that allow clients to pay off interest, make capital repayments without penalty and access flexible drawdown facilities. Rates are far more competitive than they used to be, and no-one is at risk of losing their home.
Identifying the right clients
The main motivations to release equity fall into four categories
Freedom from debt
Holistic financial planning
See how much equity your client could release from their home
Just enter a few client details into our free tool to find out.