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Is equity release the right option for me?

Here, at Mortgage Advice Bureau Later Life, we can help you decide if equity release is right for you and could help improve your retirement finances.

After years of working hard to make monthly repayments, your home is likely to be your biggest asset, particularly if you have benefitted from an increase in house prices over the last few decades.
One way to release some of the equity from your home would be to sell and downsize, however leaving the family home and neighbourhood can be an emotional upheaval. This is one reason why some people are turning to equity release.
You may be eligible for equity release if you are a homeowner aged 55 and over with a property worth at least £70,000.
Many people are already enjoying the benefits of unlocking some of the cash from their home. However it’s not suitable for everyone, which is why it’s important to get expert equity release advice before you make a decision.

Making the right decision

At Mortgage Advice Bureau Later Life, we want you to have all the facts and understand the ins and outs of equity release, so you can feel confident that any decision you make is the right one for you.

From answering any questions you have to searching through a wide range of plans offered from a carefully selected panel of providers to find one that fits your needs, we’ll ensure you do what’s best for you. Whether that’s taking advantage of your property’s value through equity release or not.

Advice that puts you in control

Everyone has different needs in later life, which is why our equity release advice process and award-winning customer service brings together the professionalism of Mortgage Advice Bureau Later Life and Key Group – market leading specialists in equity release.

From start to finish, you’ll deal with equity release experts who will help you along your journey. Mortgage Advice Bureau Later Life offer lifetime mortgage products from a carefully selected panel of providers and will discuss your options and find out your requirements, to make sure the chosen plan fits your needs, with features such as no monthly repayments or inheritance protection for your loved ones.

How much could I release?

The amount you could release from your home depends on how much your home is worth and your age.

Why not use our free equity release calculator and with a few details it will let you know how much you could unlock from your home:

Calculate now

The benefits

  • You can unlock cash from your home, tax-free, to help meet your needs in later life
  • You’ll always retain full ownership of your home and can stay in it for as long as you wish
  • You can choose to make reduced or no monthly repayments to suit your circumstances
  • You’ll never owe more than your home’s worth
  • You may be able to remortgage your plan in the future to release further funds or secure a better interest rate, although this isn’t guaranteed and may be subject to early repayment charges

Potential drawbacks

Your equity release adviser will also outline the following important things to think about:

  • A lifetime mortgage is a loan secured against your home and subject to compound interest, meaning the amount you owe can grow quickly
  • Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits
  • Equity release may leave you with limited or no property equity remaining
  • Equity release will reduce your financial options in the future
  • A lifetime mortgage is a long-term financial product and is not designed to be fully repaid until the death or entry into long-term care of the last remaining borrower, otherwise early repayment charges may apply

Your other options

Before deciding on equity release, it's important you're aware of some of your other later life finance options. 

See if equity release is right for you

Equity release costs

Knowing the costs associated with equity release and how to help manage them is important.

Compound interest explained | Lump sum vs Drawdown

Things to consider

Because we play by the book we want to tell you 

  • Mortgage Advice Bureau Later Life offer lifetime mortgage products only from a carefully selected panel of providers.
  • We understand equity release isn’t for everyone, and we’ll never say it’s the right option for you unless we’re certain.
  • As part of our advice process, we'll consider whether retirement interest-only (RIOs) and other mortgages may be suitable and can arrange advice on these if appropriate. Advice fee will vary.
  • Unless you decide to go ahead, our service is completely free of charge, as our fixed advice fee of £1,295 would only be payable on completion of a plan.
  • You should always think carefully before securing a loan against your home to repay existing debt.