Equity release is a way for homeowners aged 55 and over to unlock the value of their property and receive it as cash, while still living in their home. There are two main types: lifetime mortgages, where you borrow against your property and interest is rolled up until repayment, and home reversion plans, where you sell a share of your home in exchange for a lump sum or regular income.

You must be a homeowner aged 55 or older. The property must typically be your main residence, and the amount you can release depends on your age, property value, and the plan chosen.

No. Most equity release plans allow you to continue living in your home for the rest of your life, or until you move into long-term care. You retain the right to live there, and you don’t have to sell or relocate.

Yes, equity release reduces the value of your estate because the loan and interest must be repaid when the property is sold after your death or move into long-term care. A broker can help you understand how different plans might impact your inheritance and suggest ways to mitigate the effect.

Most lifetime mortgages don’t require monthly repayments. The interest is typically added to the loan and repaid in full when the property is sold after your death or move into long-term care. Some flexible plans may allow voluntary repayments to reduce the total interest.

Working with a regulated broker ensures you get professional advice and access to the whole market. Brokers help you understand the costs, risks, and benefits of each plan, recommend suitable options, and provide ongoing support if your circumstances change.

The amount you can release depends on factors such as your age, property value, and the type of plan chosen. Older homeowners can generally release a higher proportion of their home’s value. A broker can run calculations to find the optimal plan for your needs.

Risks include reducing the inheritance left to your family, the accumulation of interest over time, and the possibility that your needs may change in the future. Using a broker and regulated products helps minimise these risks and ensures you make an informed decision.

Some plans allow flexibility, such as partial repayments or releasing additional funds later. A broker can advise on options if your circumstances change and help adjust your plan responsibly.

Equity release is regulated by the Financial Conduct Authority (FCA), and using a regulated broker provides protection and guidance. It is important to fully understand the plan and its implications before proceeding, which is why expert advice is essential.