More and more over 55s choose equity release

As equity release plans have developed and more options have become available, the number of homeowners aged 55 and over choosing equity release has grown at a phenomenal rate, increasing by more than 86 per cent between 2014 and 2019.

Not only does equity release enable homeowners aged 55 and over to release a percentage of tax-free cash from their home, the current low rates are fixed for the life of the loan, meaning that it could cost you less to access your money than it would have done a few years ago.

Get expert whole-of-market advice through Mail Finance

Working with a whole-of-market expert like Age Partnership means they search plans from all lenders, to find the best plan for your individual requirements.

Mail Finance provide initial advice for free and without obligation. Only if you choose to proceed and your case completes would a typical fee of 2.25 per cent of the amount released be payable (minimum £1,695).

New plan options

All equity release plans come with a no-negative equity guarantee, meaning that you won’t pass on debt, providing your home is sold for a reasonable amount. Plus, you have the option of protecting a percentage of your property value for your loved ones with inheritance protection.

Lots of lifetime mortgage plans now offer the option of making repayments, this can mean that you don’t accrue as much interest on the money that you have released. The repayment options can be flexible, depending on your circumstances.

The option of making regular repayments makes equity release a more viable solution for 55 year olds as it can prevent the debt growing.

Equity release may involve a home reversion or a lifetime mortgage, which is secured against your property. To understand the features and risks, ask for a personalised illustration.

Get your free Mail Finance Equity Release guide delivered to your door, to find out if equity release could be a solution for you.