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Equity release insights

Equity release can be a useful way to get extra income or help younger family members out financially. It's only available to people over the age of 55 who own their own home.

Equity release involves either taking out a loan (Lifetime Mortgage), which is paid off when your home is sold, or selling part of your home to a home reversion provider (Home Reversion plan).

What is equity release?

Equity release is a way of getting a lump sum of money by releasing part of the value of your home without having to move out.

There are two types of equity release scheme:

  • lifetime mortgages involve taking out a loan which is repaid when your home is sold or when you go into full-time care. You can decide if you want to pay the interest off regularly or just pay it all off at once when the loan is repaid.
  • home reversion plans involve selling a part of your home to a home reversion provider. They will own part of your home, but you won't need to move out.

Both types of equity release free-up some of the money that's in your home so you can use this as extra income or to help out family members. Many people use it to help their children or grandchildren onto the property ladder.

Read more about equity release:

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How does equity release work?

Equity release works by allowing homeowners to access money that is tied-up in their property, without having to sell their home.

To release equity in your property, you must own the home you live in and be aged 55 or above.

You will need to get advice from a financial adviser before applying as you're not allowed to apply yourself they will need to complete the application for you. You'll also need to ask a solicitor to complete the legal side of the process, like you would if you were selling your property, but they will need to be an equity release specialist.

Once the equity release provider has received your application, they'll ask a surveyor to come to your home and value it to find out how much it's currently worth. Your solicitor will help you complete the paperwork needed and set a completion date, which is when you'll get the money.

Read more about how equity release works:

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How much equity can I release from my home?

Equity release could improve your options as you approach retirement.

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How to find the best equity release deal

With so many different products available, how can you go about finding the best equity release deal?

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The importance of including your family in your equity release journey

You don’t have to include your family, but equity release is a big decision and it can be helpful to talk it through with someone you trust.

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How to release equity from your home

For many UK homeowners, equity release is a useful way to supplement income, repay debts or make life easier for loved ones.

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What is an independent financial adviser?

Equity release is a big financial decision, which may not be right for everyone. Therefore only a registered independent financial adviser can apply for an equity release scheme on your behalf - you can't apply yourself.

Independent financial advisers can help you understand your financial situation and tell you what the best options are for you.

They're called "independent" advisers because they're not paid by the providers they might recommend. So they won't suggest you do something with your money if it's not likely to be the best option for you.

OneFamily Advice is a team of independent financial advisers. While the team is part of OneFamily, the advisors will only recommend OneFamily products if this is the best option for you.

Find out more about financial advisers and how they can help you:

Equity release

Five reasons to seek advice when releasing equity

It’s essential to seek advice when releasing equity from your home, doing so can save you money and help you make an informed choice.

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What is an independent financial adviser?

Advisers can help you to understand your financial situation and provide truly independent advice to help you

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How much does a financial adviser cost? The answer will depend very much on what kind of help you’re looking for.

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How to find a financial adviser

Finding unbiased financial advice is the key to planning your financial future. In this article we’ll give you some useful information to help you in your search.

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What can I use equity release for?

People choose to release equity from their home to:

  • give their family early inheritance
  • have extra income for retirement
  • make home improvements
  • pay off debt
  • buy something specific
  • financial support family members.

Learn more about common reasons people choose equity release:

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How to pay off an interest-only mortgage using equity release

Equity release can be used to pay off an interest-only mortgage without you needing to move house.

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How to fund home improvements

Whether you’re planning on getting stuck in yourself or calling in the experts, have you considered the best way to pay for home improvements?

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Using equity release as an alternative to downsizing

Releasing equity from your home can help you pay off debts and make improvements to help you stay living in it for longer.

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Estate and inheritance tax

When you release equity from your home how does it affect the value of your estate and your inheritance tax obligations?

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Divorce and your finances

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Closing your retirement savings gap

When your savings don’t meet your desired retirement income, you’ve got a retirement savings gap. In this article we explore some of the ways you can close it.

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How to help your child get on the property ladder

It can be hard for young people to get a first foot on the property ladder. How can you help?

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