Finding the best equity release advice

Releasing Equity from your home could help make your later life and retirement years that little bit easier financially but it is important to consider all your options and get the best equity release advice from an expert first.

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What is equity release and how does it work?

The equity in your home is the value of the property minus any outstanding loans or mortgage you may have against it. Equity release lets you unlock some of that money, tax free to use how you want.

If you are looking to release equity from your home, there are two types of plan to consider:

  • A lifetime Mortgage
  • A Home Reversion Plan

A lifetime mortgage is a loan that is secured against the property that accrues interest but is only paid back once you have died or moved into care and the property is sold.

A home reversion plan however is where you agree to sell all or part of your home; there is no interest and you get to live in the property rent free for life.

For more information, take a look at our article on Is equity release safe?

Is it safe?

Both lifetime mortgage and home reversion plans are regulated by the Financial Conduct Authority and the majority of providers are also registered with the Equity Release Council.

Both of these associations ensure you are protected and that the company abides by their rules and code of conduct.

Your guarantees

By choosing a provider that is registered with the Equity Release Council, you can be certain that you are covered by the following guarantees:

  • You have the right to remain in your home for life, or for as long as you choose
  • You will never owe the equity mortgage provider more than the value of the property
  • You have the flexibility to move to another property without incurring financial penalties
  • The equity release interest rate is either fixed or capped for life
best equity release advice

Where do I go to for advice on equity release?

As mentioned, if you are considering releasing equity from your home it is important to get independent advice. You can either do this by talking to an IFA that is qualified to provide advice on lifetime mortgage and home reversion plans, or by speaking to a company like Age Partnership.

Age Partnership are industry experts, qualified to give free independent advice on equity release schemes across the whole of the market.

They will help you consider all of your options, look at possible impact this may have on any benefits you receive, provide you with a comprehensive guide to equity release and advise you on the best course of action.

They can discuss everything with you either over the phone or face to face if you prefer and only charge a fee if you decide to go ahead.

They will work at your pace and advise you to talk to your family before you do anything, as any equity release scheme will affect their inheritance.

What’s more, as they compare the whole of the market, Age Partnership are confident about the service they provide and offer a Price Beating Guarantee that ensures they will beat any like for like quotes or give you £250.

What is the process?

If you haven’t already done so, it would be worth using our equity release calculator to see how much money you could get. It’s quick and easy to use and you will see how much tax free cash you can unlock in seconds.

If you would like to then know more about equity release, you can take the next steps:

  • Get advice. Age Partnership can talk you through your options and provide you with a written illustration you can go through with your family. They will also run through the costs involved which only apply if you go ahead.
  • Take time to consider your options.
  • When you are happy to go ahead, contact your advisor at Age Partnership who will help you with your application and your plan provider will then arrange to have your property valued.
  • At this stage you will also need to speak to a solicitor as it is a requirement that you also get legal advice.

It really is as straightforward as that and the money will usually be in your account within 6 to 8 weeks.

We know it's a big decision!

That's why we have teamed up with Age Partnership one of the UK's leading equity release specialists.

Find out how much cash you could release by trying the calculator.

Equity Release Calculator

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