Property Advice Blog has provided a comprehensive, UK Equity Release guide on how to unlock the value of your home. Here you'll find information ranging from basic costs, related mortgage rules and a variety of frequently asked questions.

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Apply for an Equity Release Mortgage

Property Advice Blog Top Tip! - We recommend you use this guide in conjunction with expert financial advice, in order to make an informative, safe decision about your future.

Equity Release explained

If you’re at least 55 years old and own your own home you could be eligible for equity release. A basic definition of the term is the difference between the value of your property and any remaining mortgage you have to pay. Mortgage owners who wish to unlock their property’s value through equity release have the right to a regular income, a lump sum of cash or both. The advantages of using this method mean that by releasing equity you can dip into your property’s nest egg without having to move house. However, if you decide that equity release is relevant to your own financial situation then you need to be aware of all its implications.

There are two main ways to unlock your home’s value:

1. Take out a mortgage

Equity release is usually preferred by home owners who have paid off all or nearly all of their mortgage. Home owners who want to continue owning their home whilst, making money from it often take out a lifetime mortgage. This is a unique type of mortgage which allows you to borrow money which is secured against your property’s value, giving you a sum of cash or a regular income. When your property is sold, the loan is repaid to the lender.

2. Sell all or part of your home

Sometimes known as a reversion or part reversion scheme, this system applies when you sell some or all of your property to a reversion company. You are still allowed to live there for as long as you desire, however, after you die, or if you decide to move out, the part of the property you have sold to the reversion company belongs to them. If there is anything remaining this becomes part of your estate or is passed on to your beneficiaries.

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