Am I eligible for an equity release mortgage?
If you are a homeowner aged over 55, you can apply for an equity release mortgage. However, borrowers should be aware of the requirements you’ll need to fulfil.
Your eligibility depends on several factors, including the value of your property, the amount of equity you hold and your current financial situation.
You can release equity in one lump sum or agree to payment of several smaller amounts if you’d prefer to receive instalments over time. However, you will pay interest on each of the smaller sums.
Before releasing equity from your home, it is important to receive professional advice from a financial advisor.