Equity Release Reviews
To help guide you through the various options, we have provided equity release reviews on market leading providers across the UK, so you can understand more about what’s available to you.
Our reviews including the following companies: Aviva, Age Partnership, Legal & General, LV, One Family, Hodge Lifetime and the SunLife equity release service. They are independent and jargon free, plus you can see how much tax free cash you can unlock from your home with our free equity release calculator .
Try the Equity Release Calculator
What’s included in the reviews?
Each review includes information on the company’s background, awards they may have won, eligibility and the range of products they offer. They also include additional information we think may be of importance such as how interest is calculated.
The majority of providers offer two types of equity release scheme although the details may vary:
- A Lifetime Mortgage
- A Home Reversion Plan
With a lifetime mortgage, a loan is secured against your property that incurs interest and is only paid off once you die or move into care. So you get a tax free sum of money with no monthly repayments and you still own 100% of your property.
Having said that, there are a number of different types of Lifetime mortgage that let you pay some of the interest back, or release the money in stages so you only pay interest on the money you have used.
You can read more about the options available to you in our Lifetime Mortgage section
With a home reversion plan you agree to sell part or all of your home in return for a tax free cash sum. You will therefore no longer own all of your property however you do get to live there rent free for the rest of your life or until you move into care.
At this stage the property would be sold and the plan provider would receive their part of the proceeds, based on the percentage of the property they own.
You can read more about the options available to you in our Home Reversion scheme section
Are you eligible for the schemes on offer?
Terms vary slightly from company to company, so we have included more specific information on eligibility in each of our reviews. However in general terms, the following rules apply:
- The youngest applicant is a homeowner aged 55 or older
- You are mortgage free or have a small mortgage – any existing mortgage would need to be paid off with the money you release from your property
- Your property is freehold, worth at least £75,000, based in the UK and your main residence
- You want to borrow a minimum of £10,000 - £15,000
There are exceptions to these rules such as leasehold property may be accepted depending on the time remaining on the lease, so if you are considering releasing money from your home, it is important to seek advice from an equity release expert.
What is the best way to review equity release schemes?
You will find everything you need to compare equity release plans here. However it also makes sense to talk things through with a specialist, like Age Partnership.
Age Partnership has access to preferential and exclusive plans from leading lenders. By searching such a comprehensive range of lenders they could potentially save you hundreds or thousands of pounds in interest over the course of the plan by securing you a lower rate than you may have found elsewhere.
As you will see from our Age Partnership equity release review, they provide free, no obligation advice; you only pay if you decide to go ahead. They can guide you through your options, compare plans and advise you on the best course of action.