What is equity release?
Put simply, equity release allows you to release some of the cash stored up in your home without needing to move. How much equity you can release depends on how much your home is worth, how old you are and how much you choose to borrow. The money you release is designed to be paid back when you, or the last remaining borrower, dies or if you move permanently into long-term care.
The money you release from your home is tax-free and you can spend it on whatever you choose: for example, clearing your mortgage or credit cards, gifting to your family, or making home and garden improvements.
You may have heard some equity release schemes described as ‘Home Reversions’ or ‘Lifetime Mortgages’. These are two different types of regulated equity release schemes, and we only offer Lifetime Mortgages.
Lifetime Mortgages allow you to release money from your home. You continue to own the property and it will never be repossessed (as long as you abide by the terms and conditions of the loan).
Is equity release regulated?
Yes. Retirement Advantage is authorised and regulated by the Financial Conduct Authority (FCA).
We are also a member of the Equity Release Council. Members adhere to a strict code of practice and guarantee that customers are offered products and services which conform to the best practices of the sector. The Council also ensures that customers are fully informed and increasingly protected.
Am I eligible?
As with most lending products, there are several key requirements that you will need to meet to be eligible. The most basic requirements are:
- You must be aged between 55 and 90,
- You must own your own home,
- You must be a UK resident.
The other requirements are related to your personal circumstances and your property. Your financial adviser will be able to talk to you about these in more detail.
Our Guide to Equity Release
Our customer brochure provides an overview of equity release and explains the main features of lifetime mortgages, and how these can benefit you if you are in, or approaching, retirement.
Planning for retirement?
Our Retirement Planning help and guidance section has everything you need to help you plan for your future.
Our new report, Home Truths, highlights the limitations of relying on pensions savings alone. It sets out three simple steps to help you think more broadly about your wealth so that you can make the most of your retirement.