Equity Release Criteria

Equity Release Criteria

There are conditions that homeowners need to meet before taking out equity release:

• For a lifetime mortgage you (and your partner) need to be at least 55 years old;

• For a home reversion scheme you (and your partner) need to be at least 65 years old;

• You must own property in the UK;

• The property must be your main residence;

• If you have dependants living with you it is important to speak to an adviser for more information as equity release may not be suitable; 

• The money released must be used to pay off any existing mortgage or loan secured immediately. You are free to use whatever money is left over for your other financial needs;

• Your property must be in a reasonable condition and over a certain value. There may also be restrictions on the type of property accepted.

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