Who qualifies for equity release?
Equity release products are offered to people at or around retirement age who own their own home.
To qualify for an equity release product the following circumstances will need to be met:
- You or the youngest person in a joint application will need to be aged 55 or older at the time the product is taken out
- You will need to own your own home
It is not necessary to own your home outright, although an outstanding debt secured against the property like a mortgage will need to be repaid using proceeds from the equity release plan and thus reducing the ultimate amount available to you in cash.
These are the basic requirements for most equity release products although eligibility will depend on your particular circumstances.
If you feel that equity release may be right for you, or if you’d just like to know more you can call 0800 622 6035 or request a call back. One of our team will be able to discuss with you your circumstances, review your eligibility and, if appropriate, arrange an appointment for you with an adviser.
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