Equity release FAQs

An equity release product allows you to access the value (cash) tied up in your home. Rather than leaving the cash tied up in your home, more and more people are choosing to release this money giving them cash to fund retirement dreams, pay off debts or help out family members.

You must be over 55 and seek advice from a financial adviser before you can access an equity release product. There are a range of products available which allow you to release money from your home either as a lump sum or in regular smaller amounts, known as drawdown. At OneFamily Advice we only advise on lifetime mortgage products.

Try out our free Equity Release Calculator to see how much equity you could release from your home.

All equity release products, including lifetime mortgages, are regulated by the FCA (Financial Conduct Authority). They impose strict rules on advisers who recommend these products and the companies that provide them. All lifetime mortgage advisers have to be fully qualified and are required to give you fair and clear advice and recommendations.

In the video below, two of our Lifetime Mortgage advisers Anna and James discuss how the industry has changed over the last 15 years to the benefit of consumers.

Find more information on how safe equity release is.

Yes, but you will need to raise enough money on a lifetime mortgage to pay off the existing mortgage with your current provider.

To be eligible for a lifetime mortgage you need to be a UK homeowner and aged 55 or over. All applications are subject to the lending criteria of the product provider. Our advisers can answer any questions you have. Request a call back.

You retain full ownership of your home with a lifetime mortgage as long as you abide by the terms and conditions of the mortgage.

All lifetime mortgage products provide the right for applicants to live in their home until they die or go into permanent long-term care.

Yes - you will be able to remain living in your home for as long as you are alive or until you go into long-term care, as long as you abide by the terms and conditions of your plan.

Some providers offer an inheritance guarantee to ensure you can leave something from the value of your home. However, this will reduce the amount of money you can borrow.

All lifetime mortgage products provide the right for applicants to live in their home until they die or go into permanent long-term care.

If the application is made in joint names and one of you moves into care, the other will be able to stay in the home until either they die or go into long-term care as well.

No, all equity release schemes offer a no negative equity guarantee meaning that when you finally repay the debt (when you or the last person dies or goes into long-term care) the amount to be repaid will never be more than the value of your home (provided the T&Cs of the mortgage are met).

This depends on the lifetime mortgage product you decide on. With lifetime mortgages you can usually repay the amount in full but you may incur an early repayment charge. This will depend on the specific scheme, how long you've held the mortgage for and the reason for repayment.

If the option of early repayment is important to you, your adviser can discuss this with you and take it into consideration when making a recommendation to you.

The Equity Release Council (ERC) is an organisation that was created to promote and support providers offering equity release products. The council is committed to ensuring that consumers are safeguarded and providers offer products that meet the Equity Release Councils rules and principles.