An equity release plan, allows you to release money from your home. The amount you can release depends on:
- Minimum property value – £70,000 is the minimum property value you need. The higher your property value, the more you should be able to release.
- Minimum age of youngest applicant – All applicants must be over 55 to be eligible for equity release.
Some providers allow you to release even more money if you have a qualifying lifestyle or health condition. Many of these are quite common, including being a smoker, diabetes, having high blood pressure or high cholesterol.
When your put through to an adviser they will ask the right questions to get you the correct amount at the best rate.