How does Equity Release Comparison work? +
You tell us a little about yourself, your property and any outstanding mortgage. Our partner, Age Partnership, will then contact you to discuss your options and provide personalised quotes from its panel of lenders. We don't give advice ourselves. Your details won't be shared with anyone else for the purpose of providing those quotes. See our privacy policy for full details.
What is equity release? +
Equity release lets older homeowners, typically aged 55 or over, access some of the money tied up in their home without having to sell and move. The two main types are lifetime mortgages and home reversion plans.
How old do I need to be? +
You need to be 55 or over for the lifetime mortgages on our panel. For joint applications, eligibility and the amount you can release are usually based on the age of the youngest homeowner.
How much money could I release? +
It depends on your age, your property's value, any outstanding mortgage and the lender's criteria. Some plans also take your health and lifestyle into account. Our calculator gives you an illustrative estimate in a few seconds. The actual amount will be confirmed after advice and a property valuation.
Do I have to make monthly repayments? +
With many lifetime mortgages, you don't have to make monthly repayments. Instead, interest is added to the loan and the total is normally repaid when the last borrower dies or moves permanently into long-term care. Because interest is charged on interest, the amount owed can grow substantially over time.
Will I still own my home? +
With a lifetime mortgage, yes. You keep ownership, although the loan is secured against your home. A home reversion plan works differently. You sell some or all of your home to a provider, usually for less than its market value, and you keep the right to live there rent-free for life.
Can I get equity release if I still have a mortgage? +
Potentially, yes. Any existing mortgage must normally be paid off when the plan completes. It can be paid from the money you release, but this will reduce the cash left for you.
What are the disadvantages of equity release? +
Equity release reduces the value of your estate and therefore the inheritance you leave. Interest builds up over time, and the money you release may affect your entitlement to means-tested benefits and how long-term care is funded. It may also limit your options to borrow more or move home in the future, and some plans charge you if you repay early.
Do I need financial advice? +
Yes. Advice is required before you take out equity release. An adviser will look at your circumstances, explain the costs and risks, and discuss whether another option, such as downsizing, might suit you better.
Is the service free to use? +
Yes. Using Equity-Release-Comparison.co.uk is free and there's no obligation to proceed. If you decide to take out a plan, there will usually be fees for advice, arrangement, valuation and legal work. Your adviser will explain all costs before you commit.
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