Equity release is specifically designed to enable retirees to release equity in their property to ease their financial worries

All these longevity mortgage lenders have ?. meet many criteria to qualify for their schemes. You will therefore find that some equity mortgagees will accept your application, while others may care.

This is why it is so important in obtaining the services of an independent equity release UK Advisor Sales Companies like ourselves -. Equity Release Supermarket can buy the entire mortgage market on your behalf to find the best company & product that suits your needs

You may also be interested in Frequent Finance Halifax Equity Release

To help establish which equity scheme is best for your situation, we would initially conduct a personal financial review, which would gather relevant information about your current situation.

In addition, we will consider your alternatives to releasing equity and obtaining your views and opinions on topics such as future property values ​​plus how much equity you want to leave your children, etc.

Collecting this information will help our independent advisor determine which scheme is best for you

 It could be one of two equity release schemes at the moment.

It's lifetime mortgages and home reversion plans & both schemes have different eligibility rules.

If the equity advisor considered recommending a lifetime mortgage then the minimum age requirement would be 55.

However, this does not apply to all lifetime mortgage schemes. For example, with the current availability of lenders only Aviva, New Life mortgage common plan, Hodge Lifetime & two of the three schemes that more2life offers, are able to borrow from age 55.

It is not until the age of 60 that lenders such as Just Retirement & LV = enter the market.

In addition, New Life Mortgage has a single life plan & the third of more2life plans only begins at age 70!

So we now know the minimum age criteria. What about the maximum age for qualification?

Most lenders do not impose any maximum age on these schemes. Therefore, theoretically, you could be over 90 and still apply for a lifetime mortgage scheme. We do not see many programs at this late stage, but it has been known for such reasons as inheritance tax planning.