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Equity Releases For Over 50s

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As people approach retirement, they often find themselves asset-rich but cash-poor. Many over-50s have a significant portion of their wealth tied up in their property, and equity release offers a great way for homeowners to unlock a portion of that equity while still retaining the right to live in their home.

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What Is Equity Release For People Over 50?

What Is Equity Release For People Over 50?

Equity release is a financial product popular with homeowners aged 50 and above in the UK. It allows individuals to unlock a portion of the equity tied up in their property while retaining the right to live there.

The released funds can be received either as a lump sum or in smaller instalments, providing financial flexibility in retirement.

Homeowners use this money for renovation, holidays, debt consolidation, or to support their children in saving for a deposit. The money can be used for any reason.

How To Apply For Equity Release Over 50

Step 1
Fill in Our Enquiry Form
Enter key details on our online form which is easy and straightforward to complete. This will take less than 60 seconds of your time.
Step 2
Receive A Callback
You will then receive a callback on the same day from an expert advisor who will ask a few more follow up questions.
Step 3
Check If You Qualify
Our dedicated professionals will then use this information to find the best deal for you.
Step 4
Receive Your Equity Release
Once we have found a loan to suit your borrowing needs, our advisers will submit your application to help you get an equity release.

Who Is Eligible for Equity Release?

To be eligible for equity release, you must meet certain criteria. You usually need to:

  • Be at least 50 years old (or in some cases 55)
  • Own a property valued above a specific threshold, which varies depending on the equity release provider. The property should be your primary residence, freehold, or have a long leasehold.
Who Is Eligible for Equity Release?

What Are the Different Types of Equity Release for Over 50s?

Lifetime Mortgages

A lifetime mortgage allows over 50s to borrow against the value of their property while retaining ownership. This is the most common type of equity release.

You can receive the funds as a lump sum, regular payments, or a combination of both. The interest on the loan is usually charged on a compounding basis and is repaid when you pass away or move into long-term care.

There are different types of lifetime mortgages, including fixed-rate, variable-rate, and tracker mortgages.

Home Reversion Plans

A home reversion plan involves selling a portion or all of your property to a reversion company while retaining the right to live there rent-free for the rest of your life.

In return for selling a share of your property, you receive a cash lump sum or regular payments. When the property is eventually sold, the reversion company receives their share of the proceeds.

This can be a great option for people past retirement age who want to move abroad or move into care.

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Why Should I Get An Over 50 Equity Release Through Deedle?

Deedle is an independent equity release adviser, which means they work with multiple equity release providers. This allows them to provide impartial advice and access a wide range of equity release products to find the most suitable option for your specific needs and budgets. Our team can provide tailored advice and guidance throughout the equity release process.

Where Can I Get An Over 50s Equity Release in the UK?

You can get an equity release anywhere in the UK. Deedle can help you no matter where you’re located. For example, we help people get equity releases in:

  • London
  • Birmingham
  • Manchester
  • Glasgow
  • Leeds
  • Edinburgh
  • Liverpool
  • Liverpool
  • Bristol
  • Newcastle upon Tyne
  • Sheffield
  • Cardiff
  • Belfast
  • Nottingham
  • Leicester
  • Oxford
  • Cambridge
  • Norwich
  • Brighton
  • Plymouth
  • Aberdeen

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How Much Equity Can I Release Over 50?

Equity release providers typically offer between 20% and 60% of the property’s value. The amount of equity you can release depends on various factors, including your age, the value of your property, and your health.

Generally, the older you are and the more valuable your property, the higher the percentage of equity you can release.

Will I Still Own My Home With Equity Release Over 50?

With a lifetime mortgage, you retain full ownership of your home. The property remains in your name, and you have the right to live there until you pass away or move into long-term care.

With a home reversion plan, you sell a portion or all of your property to the reversion company. However, you retain the right to live in the property rent-free until the end of the plan.

Frequently Asked Questions About Over 50 Equity Release

What Happens to the Equity Release Plan if I Pass Away?

If you pass away, the outstanding loan balance (including the accumulated interest) must be repaid from the sale of the property. The property will usually be sold by your beneficiaries or your estate executor, and the proceeds will be used to repay the equity release loan. Any remaining funds after repayment will be distributed according to your will or based on legal inheritance rules.

Can I Pay Off My Existing Debts With Equity Release?

Yes, you can use the released funds from equity release to pay off your existing debts, such as credit cards, loans, or mortgages.

Can I Use Equity Release to Help My Children Financially?

Yes, you can use equity release to help your children or family members financially such as paying their university fees or giving them part of their deposit.

Can I Apply for Equity Release if I Am Over 50 but Not Yet Retired?

Yes, you can apply for equity release even if you are over 50 and not yet retired. Whether you are still working full-time, part-time, or self-employed, you can get approved for an equity release.

How Does My Health Affect Equity Release?

If you have certain medical conditions or lifestyle factors that could potentially reduce your life expectancy, you may be eligible for a higher release percentage or a lower interest rate with a lifetime mortgage.

Can I Get an Equity Release With Bad Credit?

Your credit history or income generally does not affect your eligibility for equity release. Unlike traditional mortgages, equity release is primarily based on the value of your property rather than your income or creditworthiness.

Can I Get Equity Release if My Property Is Leasehold?

Yes, it is possible to get equity release if your property is leasehold, provided that the lease has a sufficient length remaining and meets the criteria set by equity release providers. The lease term should typically extend beyond the youngest borrower’s life expectancy.

Deedle Finance is the trading name of Tudor Lodge Digital Ltd which trades under company number: 10437769.

Deedle Finance does not provide advice on regulated mortgage contracts or credit agreements, these are carried out by one of our independent FCA regulated associates. 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENT ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

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