Equity Release is a tailored mortgage solution designed for homeowners aged 55 and over, allowing you to unlock the value stored in your home without selling. At My Later Life, we work as a whole-of-market lender, offering access to over 500 lifetime mortgage plans from various trusted providers. This allows us to customise the best equity release plan to suit your needs and help you access tax-free cash.
Unlike traditional mortgages, equity release plans—particularly lifetime mortgages—don’t require monthly repayments unless you choose to make them. These plans typically have a fixed interest rate for life and are repaid only when you either pass away or move into long-term care. If your home’s value has appreciated over time, a lifetime mortgage lets you access this equity in a way that supports your financial goals.
Equity release plans, such as Retirement Interest Only (RIO) mortgages, are specifically designed for older homeowners. These options consider factors like the age of the youngest homeowner and your property’s value to determine how much equity you can release. Unlike traditional loans, equity release lenders typically don’t focus on your income or credit score, making the process straightforward and faster.
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While equity release can enhance financial flexibility, it may reduce the value of your estate, affecting inheritance. Interest compounds if no repayments are made, but you can manage how interest accumulates with flexible options for voluntary payments. Market changes in property values may also affect your remaining equity.
A lifetime mortgage, the most popular choice, allows you to secure a loan against your home’s value. These plans offer features such as fixed-term early repayment charges, voluntary repayments, and drawdown mortgages, which let you access cash in smaller amounts over time.
Equity release funds are versatile and can be used for various purposes, like funding home improvements or helping family members. This tax-free money can be accessed as a lump sum or through smaller, periodic withdrawals, providing flexibility and control over your finances.
Choosing the best equity release plan depends on your unique needs and financial goals. At My Later Life, all advisers are Equity Release Council members, offering unbiased advice across the market. We recommend taking the time to decide and involving family members in the conversation. Our advisors provide free consultations to address your questions and ensure you feel confident in your decision.
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This information is a guide only and should not be relied on as a recommendation or advice that any particular Equity Release product is suitable for you.
