Tag Archives: Lifetime Mortgages

Which is the Best Equity Release Plan?

When it comes to deciding which is the best equity release plan that is suitable, it can be difficult without the required knowledge. It is always best to seek independent financial advice to find out which plan is the best for you. When choosing a plan, consider if you are looking for a low interest rate, the ability to make partial repayments, a guaranteed inheritance for your children, or just the maximum lump sum.

One Company Offering Comparisons
Equity Release Supermarket is an online company that will show you which equity release plans to choose from. They provide a comparison table of plans and products that will help make your search easier. The plans include drawdown, home reversion, lump sum, and interest only mortgages. In addition, they can provide an advisory service and have the facility to provide an appointment with a local adviser, either in the comfort of your own home or over the telephone, dependent upon which ever suits your requirements best.

Exploring Details of Lifetime Mortgages and Home Reversion
A drawdown equity release is similar to a lump sum lifetime mortgage, except that you only need to take only the amount of money that you will need. That way you do not eliminate all of the equity in your home at one time. A lifetime mortgage allows you to receive the maximum amount that your home is worth at one time. A home reversion allows you to borrow any amount from the equity of your home by selling a proportion of the house value. For instance, by borrowing half you will allow your children to inherit a piece of the property when you pass away.

An Alternative Lifetime Mortgage
The only equity release plan that you will need to make monthly payments while living in the home is an interest only lifetime mortgage. This type of plan is good to get if you want your children to have as much equity as possible when you pass away. One of the few companies to offer such a product is Stonehaven, who restrict borrowers to a minimum age of 55. Most other interest only lifetime mortgage lenders such as Halifax, who operated their Halifax Retirement Home Plan, have now withdrawn from the market.

How Equity Release Works In Principle
With most of the equity release plans you do not need to make monthly payments. In fact, you can live in your home for free until you pass away or go into a nursing home. The interest that accumulates on the loan for the remainder of its term and will eventually be repaid once you pass away or go in a nursing home.

You decide which product is correct for you, whether you want to make a monthly interest payment or no payment at all. The benefit is that you get the money you require now to make your retirement easier. The disadvantage is the amount of inheritance you can leave behind. This is why you should be aware of how lifetime mortgages and home reversions work.

First of all the money is tax free and can be used at your discretion for home improvements, repairs, or even holidays. Under home reversion you have already sold a portion of your home so you have less worry of paying something back and a lifetime tenancy agreement. For many this is uncomfortable, but it affords that inheritance as mentioned. You also have to be 65 to start this process, whereas lifetime mortgages can start from as early as 55.

Speaking with Family
An independent financial adviser is great, but you also need to be wary about what your family will think. As it is their inheritance and they may be able to help you keep the home in the family, it is important to get their opinion. They may see something you missed or simply help you sign a better contract.

For example, with lifetime mortgages there is a clause called a ‘no negative equity guarantee’ agreement in which the company cannot try to obtain any more than the house is worth upon your death or decision to sell. It protects you if the house loses value.

A homeowner may have an idea on which equity release plan they want, but it is still best to contact an independent financial adviser, to make sure you are making the right choice. One plan may be better for you than the others. The independent adviser will ask you a series of questions to help you choose the best plan. So, if you have any questions, ringing Equity Release Supermarket on 0800 678 5159 maybe your best option.

London Calling for Equity Release Pensioners to Cash in on Booming Housing Prices

Year to year, month to month, the housing sector changes which is good news for London property owners. It has been a buyer’s market in recent years as a consequence of the recession and housing prices falling due to the subprime mortgage issue. Now all of that is in the past and there is nowhere to go but up for many of the Capital housing values. If the 11 per cent price increase from 2013 to 2014 is any indication now is the time to take advantage of London equity release products such as lifetime mortgages and home reversion plans. Before getting to how a lifetime mortgage calculator can help determine if this is the right option, take a look at what the product can help you with.

Lifetime Mortgages Aim to Release Tax Free Cash
In a time where housing prices are increasing each month, there is no reason not to take advantage of financial products that can offer tax free cash in a lump sum. Across the UK prices have increased by 3.3 per cent just looking at the month to month figures. Many websites are reporting an 18 per cent increase from 2013 to 2014 in the London area when comparing last April with the most recent April. For individuals over 55 this means your house in London might be worth as much as 18 per cent more in value than it was last April 2013. From last month you might have 3.3 per cent more value in your home.

All this comes down to the total value of your home and the amount you would be able to release in equity. Consider if your home was worth £200,000 last year and it has increased to £225,000. On a sale you would have £25,000 extra equity. With a lifetime mortgage product you have an increased percentage of this equity that you can withdraw.

When you use a lifetime mortgage, you have the option of taking out a loan that does not require any repayment until you move out to a long term care location, a new property, or you die, hence the “lifetime” descriptive word. Equity is based on the value of your property, so if you have no loan then the total value of your property is what is available in equity.

With lifetime mortgages you can take a percentage which can never end up more than 100 per cent of the property value, at the end of the loan. In other words, when you use a lifetime mortgage calculator, & calculate on a roll-up basis, the principle loan amount plus the compounding interest over the life of the loan can never be more than the final value of the property. This guarantee is provided by all London equity release providers by way of a mandatory option, called the ‘no negative equity guarantee’.

The cash you take out is yours to do with what you wish and without tax consequences. It is simply swapping property for cash through a loan, which is why it avoids capital gains tax. Additionally, by working smart, if any means tested benefits are received schemes such as the drawdown lifetime mortgage plan can be used as a work around. By keeping savings levels under the £10,000 limit, no detriment will be afforded to means tested state benefits by taking smaller & regular chucks from the cash reserve facility.

Methods of Using Equity
The prime reasons Londoners over 55 are keen to take out lifetime mortgages, and you might wish to consider it, is how you can use the money. The money can be used anyway you wish, but more importantly it can be used to increase your home value exponentially.

Home improvements such as for a new roof, extending the home; upgrading the appliances, kitchen countertops, and making it more energy efficient are just some ways to increase your housing value. The more renovations you do towards making your home desirable for the next several years, the more it will continue to increase in value. There are certain home improvements that will matter very little to the value, so be aware of what truly increases the property and consider taking advantage of London equity releases.

Another top reason to take out a home equity release mortgage like the lifetime loan is children. Children and grandchildren more often than not, need financial help. Perhaps it is about paying for university for your son or daughter. Maybe your child needs to buy a house, but lacks a down payment. Whether you invest in a second home or help invest in your children’s educational future, it is an investment you can reap benefits from. A simple London equity release mortgage can solve many financial problems, but always seek professional equity release advice.

Advantages of Lifetime Loans
Not only do you get to use the money as you wish, but you can also increase the value in your home if you desire. The money is going to be tax free even if you decide to give a little gift to your children. As long as you keep your “gift” under a certain amount there is no capital gains tax or inheritance tax after seven years for them. You get to help them out and they get a little inheritance to enjoy while you are still alive.

Use a lifetime mortgage calculator to determine what you could release from your London property and start making plans today to enhance your retirement living standards.

How to Calculate the Maximum Equity Release

Equity release plans can offer a flexible way to optimise your financial assets. With new, more secure equity release plans available today, it is possible to manage the amount of equity in your home exactly as you intend to; while also protecting your inheritance. But after all is said and done, equity release ultimately works by devaluing your main asset – your home.

While equity release plans do provide a valuable solution to many, it is not suitable for everyone. It can involve selling a portion of your home in the case of home reversion, and having a life-long mortgage secured on your property in case of lifetime mortgages, so there are many implications to be aware of that on the face of it may not be obvious. An equity release plan is therefore something that has a major effect, not only on your life but ultimately also for your beneficiaries. As such, it is important to be fully sure that it is the best possible way to help you achieve your goals.

Just enough for your needs

The starting point is to assess where you stand in relation to the amount you actually require. Therefore, a good way to do this is to calculate the maximum equity release that you can take in the context of your individual needs and circumstances. It would therefore be prudent to discuss what you actually need the extra cash for by itemising your expenditures. Not only this but are these expenditures ALL required during the initial spending phase? Some proposals may have longer term goals which can be set aside for now, others more immediate. These later life expenditures can be incorporated into the longer term goals of your plans.

However, by at least knowing the maximum release possible, you can then either build your spending plans to fit, or curb your expenditures to fit in with this budget provided by the online equity release calculator. The tool should be used for guidance purposes only and never literally so as to pin all your hopes on the outcome of its results. There are still many variables along the way that could still affect the ultimate goal, therefore prudence should be taken.

Often people who consider a release of equity think only about which equity release plans are available and which plan would suit them best. But the more fundamental question in reality is how much can they actually release with an equity release plan, and given the amount they can release, is equity release the right way for them to go?

An independent and qualified equity release adviser can ultimately offer you the best advice and guide you through the different options available. But using an equity release calculator to find out how the maximum you can release is the first step to finding out whether equity release can help you.

Maximum enhanced lifetime mortgage calculation

An equity release calculator requires you to enter your age and property value in order to work out how much money you could potentially release. Bear in mind however, that another determinant in calculating the maximum lifetime mortgage is due to one’s health conditions; both current and past. Therefore, of the best equity release calculators around, of the online varieties, the best will be able to afford to provide two sets of answers; one for a healthy person and the other for an enhanced lifetime mortgage customer.

As you can see the equity release market is evolving at a pace and the industry tools must keep pace with these changes. For this reason, an enhanced lifetime mortgage calculation should always be included in any set of results to ensure that the full picture is presented and those who are eligible to qualify for an enhanced product are aware of its benefits. This is where a full set of tools and advice from an independent source is essential for the calculation of the maximum equity release.

Getting an idea of the largest amount they could release at their age and given their property valuation, helps many people to decide whether equity release plans may be suitable for them, and whether equity release may even help them raise the amount they need!

Using an equity release calculator to calculate a maximum release is therefore the first step to finding out whether equity release is right for you.

Will an Equity Release UK Calculator Work for People Aged Under 55?

Equity release plans offer flexible solutions for a common problem that many pensioners in the UK face today. Changing social circumstances have led to problems that we see increasingly more often in society today. Longer life expectancy, rising costs of living, probability of needing self-funded long-term care and shrinking pension funds mean that many older people face a severe cash crunch during retirement. While there is a problem of cash flow, many pensioners are homeowners with a hefty untapped equity built into their property. Equity release offers a way to tap into this equity without selling the house or moving.

Today, the UK equity release sector has expanded and offers more flexible and innovative plans than before. The industry and indeed its main voice – The Equity Release Council has admitted that more providers, concepts and flexibility are required to maintain the momentum equity release & lifetime mortgages have now found. It is also much more secure now, being regulated by the Financial Conduct Authority and following strict SHIP (now under the guise of the Equity Release Council) standards of service. As the demand for equity release has grown, so have the tools designed for potential customers to understand and negotiate their way around the equity release sector.

Mechanics of the equity release calculator UK

One such tool that could be invaluable is the equity release calculator UK as it offers a simple, quick and convenient way to calculate the maximum amount of money that could be released from your property. An equity release UK calculator takes into account the information that you provide, including your age and current valuation of your property to calculate this amount based on its database of available lifetime mortgage plans.

As such, an equity release calculator UK can only work within the set eligibility criteria of equity release plans. Most equity release plans are only available to people 55 years or over. This means that the equity release calculator can only accept age values that are 55 or above. Many equity release calculators have a lower limit of 55 on their age menu, but some don’t. In any case, an equity release calculator will not work if one enters an age value of lower than 55 years or higher than 100 years! Most sites will default to a minimum age of 55 to ensure calculations are correct.

Could equity release be a possible to the under 55′s?

Whether one day the UK equity release mortgage market will accept lower ages than 55 is yet to be seen. The problem with accepting an age below 55 is the protection provided by the ‘no negative equity release guarantee’. This ensures that at the end of the day the beneficiaries will never end up owing any more than the sale price of the property upon death or moving into long-term care. The cost of this guarantee has to met and is paid for by the customer by way of a slight increase in the equity release interest rate. With no guarantee in place, then we would see lower interest rates in this sector.

However, upon meeting the standards laid down by the Equity Release Council, all equity release companies must facilitate this feature within their schemes; otherwise their scheme cannot meet the SHIP criteria. This is a mandatory requirement and has helped the industry build confidence back up within the equity release mortgage market.

Therefore, until these issues are addressed there are currently no equity release schemes for people under 55 years offered by any of the mainstream equity release providers that are certified by the Equity Release Council. Equity release UK is a good way to raise money to meet pressing demands, but releasing equity impacts your entire life savings and potential inheritance of your beneficiaries so it is always advisable to consider it very carefully – especially if you’re young and expect to live long. P.S. Don’t we all!

What is an Equity Release Eligibility Calculator?

As equity release has become more and more popular in recent times and the interest in equity release plans has increased, new tools are emerging to help users make sense of whether people meet the eligibility test to meet the wide variety of equity release plans available. Every bit of help is needed when trying to find the best equity release plan that could suit them and the first port of call would be to establish eligibility.

Equity release is a potentially life changing financial concept, so it is always best to seek advice from a qualified independent equity release adviser. But before you do that, let’s look at the many convenient tools that could help you negotiate your way around the world of equity release schemes.

There are two main types of equity release plans: lifetime mortgages and home reversion plans. Different plans have different eligibility criteria and terms of lending. An equity release eligibility calculator is an application that, based on the information you provide, can quickly work out whether you are eligible to apply for a certain equity release plan.

For instance, a lifetime mortgage eligibility calculator can help you understand if you are eligible to apply for a lifetime mortgage, and if so, the maximum amount you could potentially release from your home. Eligibility for a lifetime mortgage is based on the applicant’s age and property value. The longer the term of the loan, the more the value would need to be. The shorter the expected term, the lower the value of the property can be. Therefore, in general, the younger the applicant, the higher the property value will need to be.

Who offers an equity release eligibility calculator?

Let’s look at the Aviva lifetime mortgage as an example. The minimum age to apply for this is 55 years, and the minimum property valuation is £75,000. Aviva’s lifetime mortgage eligibility calculator requires the user to enter their age, the value of the property, whether it is a single or joint application, certain details about the property, and whether you want to set any percentage of the equity as an inheritance.

Based on these details the eligibility calculator can tell you not only if you are eligible to apply for this lifetime mortgage but it also works as an equity release calculator and can tell you the maximum amount you could release through a lifetime mortgage. An equity release eligibility calculator is therefore simply a quick and convenient way to find out if you qualify to apply for a certain equity release scheme, and if so, how much you could potentially release.

Another equity release eligibility calculator is offered by another of the prominent equity release companies – Hodge Lifetime. They provide an equity release eligibility calculation to provide information on whether they could qualify for any of the Hodge Lifetime flexible lifetime mortgage products. Additionally, the calculator will provide not only the amount one can borrow, but also what the future balance is likely to be. This is ideal if you wish to see the effect the compounding yearly interest will have on your inheritance when the house is eventually sold.

For a free check to establish eligibility for any of the current range of equity release schemes from the whole of the market, call Freephone 0800 471 4796.

Where Can I Find the Prudential Equity Release Calculator for Existing Plan Holders?

Is There a Prudential Equity Release Calculator for Existing Plan Holders?

Prudential is no longer offering lifetime mortgages to new customers. However, Prudential had one of the most successful lifetime mortgage schemes at the time, so there are currently plenty of existing plan holders who still have a Prudential lifetime mortgage plan.

So, can existing customers release additional equity from their property? And if so, is there a Prudential equity release calculator that can help existing plan holders understand how much they could release?

The short answer is that there isn’t a Prudential equity release calculator for existing customers. However, there is way for customers to find out if they can release additional equity from their property and also find out how much, without the need for an equity release calculator! By following some simple steps, it is possible for existing Prudential equity release customers to have additional funds in their bank in as little as two weeks.

Prudential offered their lifetime mortgage in two forms – a fixed single lump sum lifetime mortgage and a more flexible drawdown lifetime mortgage which allowed for more than one equity release lump sum. For those who have a single lump sum mortgage from Prudential, releasing additional funds on the same mortgage may not be possible.

For those who have a drawdown lifetime mortgage with Prudential, there is no need for an equity release calculator to find out how much they can release again. If they have sufficient equity left in the property they can easily release it by making a drawdown request. But first they will need to find out how much they can release.

Check your Prudential annual statement

To do this, it is necessary to check the last annual account statement from Prudential. The statement will outline how much equity is left in the property. If you’re unsure about whether you have a single lump sum or a drawdown mortgage, your statement will also clarify this or contact your local equity release adviser.

The figure you are looking for is the remaining funds left in your drawdown facility. These are unused funds that were set aside from inception of the Prudential lifetime mortgage plan. The basic calculation for remaining fund availability is:-

Total reserve facility from outset – capital withdrawn to date = cash available now

Once you have made sure you can release more funds, you can simply make a request to do so directly from the provider or with the help of an equity release adviser. The drawdown request can be made by filling in a form online, or over the phone by calling the provider.

An equity release calculator tells users if they are eligible to release more equity and how much they can release. For existing customers for the Prudential lifetime mortgage, this is exactly what your annual statement will tell you. You can consult an equity release expert or the provider if you are unsure about the type of mortgage, or need further advice about additional release.

Consider switching plans if unsuccessful

Should you be unsuccessful in your goal to raise further funds with a Prudential equity release, then you will need to consider the alternatives. It will have been over 4 years ago that the last Prudential lifetime mortgage scheme also known as the Property Value Release Plan was written.

If Prudential’s equity release calculation ‘says no’ and you do need extra cash funds then consider an equity release remortgage and analyse whether it would be worth swapping a lifetime mortgage scheme. With interest rates as low as they have ever been, it may not be a bad idea anyway!

However, before you even consider switching equity release schemes, remember the Prudential early repayment charges were linked to the Bank of England base rate which currently is only 0.5%. The latter Prudential Property Release Plans were taken when the base rate was still at 0.5% so they could effectively remortgage without any early repayment charges (ERC’s). However, early plans could have been taken out when the base rate was 4-5%, thus meaning a penalty would arise if the scheme was transferred.

Summary

It would be prudent to seek the advice of equity release remortgage professionals on this basis, as the ERC’s would need building into the switch plans calculation. However, there are analysis tools available on the internet which can do a switch plans analysis for you. This will check your break-even point & highlight the whether it maybe worthwhile to remortgage to a new equity release lender or not, should Prudential not allow additional borrowing.

For a free analysis contact Compare Equity Release on 0800 678 5169 or visit their site by clicking here for their unique switch plans tool page.

How Does Age Affect the Release of Equity Calculation?

Equity release is a way to withdraw some of the cash value tied up into your property. While traditionally the only path for a release of equity would be to sell the property, equity release offers a more flexible way to continue living in your home while accessing the cash tied up into the property. This can only be facilitated by receiving advice from a qualified equity release consultant, in conjunction with an equity release provider themselves such as Aviva, Just Retirement, Hodge Lifetime & many more of these niche mortgage lenders.

First an introduction to the types of equity release

There are two types of equity release products – lifetime mortgages and home reversion plans. While lifetime mortgages are loans taken against the value of the property, home reversion involves notionally selling a portion of the property with the lender recovering the proportional value when the house is sold. In all equity release schemes, the lender recovers the money from the sale of property, which happens only after you have died or moved into a care home.

Whether it is a lifetime mortgage or home reversion, the release of equity is basically money that you receive from the lender, and which the lender can recover after the plan ends. How much the lender can afford to lend, at what rate, and whether they can afford to lend at all, depends on the value of the property, the amount of equity that needs to be released, and the expected term of the loan; namely life expectancy.

The feasibility and exact terms of an equity release plan therefore depend on different relevant factors, some of which determine the expected term of the loan or plan. Since most equity release products have no fixed term, and go on until the end of life, or until you move out and into permanent care, it is the health and age of the client that determines the expected term of the equity release plan. The age of the applicant is therefore an important factor that significantly affects the release of equity.

Relationship between age & release size

Typically, the longer the term of the loan, the more the risks are for the lender in that the loan will compound over a longer duration. As there are many variables built into life expectancy, the lender does take the risk that: –

House prices may remain static, even fall over the term of the mortgage
The equity release loan interest will accrue for longer than the average life expectancy
The health of the individual will be good, thus leading to prolonged longevity
Condition of the house may deteriorate, leading to un-saleability

All these factors place a greater strain on the insurance policy that equity release lenders have on these loans – the no negative equity guarantee. They actuarially calculate the average life expectancy and then pitch their loan-to-values in accordance with this data. They will win on some cases, but lose on others & this is all factored into the no negative equity guarantee insurance policy. The danger for lenders in hoping they do not need to use this insurance policy, lie with the outside factors mentioned above that could seriously affect these chttp://www.equityreleasecalculator.net/wp-admin/post.php?post=46&action=editalculations.

Therefore the younger the applicant, the higher the risks, and the older the applicant, the fewer the risks involved for the equity release provider. This is why the older one is, the bigger the release of equity can be offered by these lenders. Hence, when considering a release of equity, do your sums first and always obtain a Key Facts Illustration from your equity release adviser. This will detail the exact amount, year-on-year, how much the balance will reach in the future. A useful piece of data for considering what the final balance may be, albeit guessing the length of the term can be an unnerving experience!

Loan-to-value summary

The minimum age for most lifetime mortgage products is 55 years, and generally speaking, the further away you are from this age, the more you can borrow. In fact, if you are aged 55, currently the maximum lifetime mortgage scheme will allow is 20.5%. This will steadily rise as one gets older and as a rule of thumb will be 1% each year you get older. Most equity release companies allow maximum release of equity only for older clients upto approx. age 90+ with an overall maximum release from any lender of 55%.

However, home reversion plans do not commence until age 65, some 10 years later. The calculation for the size of a home reversion release is based again on age, but also the sex of the individual(s). The reversion provider will receive a proportion of the house value in exchange for a tax-free cash lump sum to the homeowner.

The difference between the home reversion scheme and lifetime mortgage is that with a home reversion you can sell 100% of the value of the property, the converse relationship exists with a lifetime mortgage. However, even selling 100% of the property doesn’t mean you receive 100% of its value. This will usually be half of the equivalent percentage sold. Thus if you sold 100%, you are likely to receive around 50% of the value. Again, like a lifetime mortgage, the older you are, the greater the percentage over & above this 50% figure you will receive.

All these examples based on age, property value & health can be inputted into a good equity release calculator to provide the results you require in order to complete your equity release research.

If unsure call 0800 471 4796 to speak to a qualified independent equity release adviser who can provide guidance on the best schemes available.

Where Can I Find Companies That Provide Equity Release Solutions?

Which Companies Can Provide Equity Release Solutions?

Equity release has seen a massive surge in popularity in the past few years. This growing demand has fuelled the sector and today we have more providers, with a wider portfolio of more flexible equity release plans than ever before. While equity release is not suitable for everyone, the variety of equity release plans means that it is certainly likely to be a suitable solution for a lot more people today than ever before.

Recent surveys have shown that a large number of pensioners are homeowners with a size-able amount of equity tied up in their homes are suffering from a credit crunch and are unable to fund their day-to-day expenditures or have no money for that big one-off expense. In other words, there are numerous people around the UK, who are property rich, but cash poor.

Such equity release solutions allow them a way to release some of the equity in their home in the form of conveniently usable cash. This money can be released either as a lump sum or in the form of irregular installments. The uniquely attractive feature of equity release plans is that they allow you to tap into the value in your home without the need to move out or sell the property. Irrespective of what type of equity release you choose, you can continue to live in your home until you die or move into long-term care.

Types of equity release solutions

There are two main types of equity release plans – home reversion schemes and lifetime mortgages. Home reversion involves selling a percentage of the house to the lender in exchange for the money. At the moment companies offering home reversion plans are Newlife Mortgages, Bridgewater Flexible Release Plan and Hodge’s Shared Growth option.

Lifetime mortgages offer the other type of equity release solutions – wherein instead of selling a part of the house, the lender sets up a secured 1^st legal charge on the property. There are also interest only lifetime mortgages where you can repay the interest monthly, thus maintaining a level balance on the loan. Such companies offering the interest only lifetime mortgage solution is Stonehaven with its range of Interest Select plans or more2life’s interest choice plan.

Latest product development

A recent innovation in this domain of interest repayment is from Hodge Lifetime with its flexible repayment lifetime mortgage. Although the repayments of interest cannot be on a monthly basis, Hodge Lifetime do allow upto 10% of the original amount borrowed to be repaid each year without penalty. Becoming a serious player now in the equity release marketplace, Hodge Lifetime have set down the gauntlet to other companies lacking in ingenuity and ideas with their current and future plans.

The most common form of equity release are the roll-up lifetime mortgages where the interest is added to the principle amount and compounded over time. This means that the debt effectively rises yearly for the rest of your life, until you either die or move into long-term care. Hence, before entering into one of these contracts you should always discuss your intentions with your family first & then arrange an Equity Release Adviser.

There are other types of equity release schemes which do include the drawdown lifetime mortgage such as Aviva’s Lifestyle Flexible Option, designed for those who want to have the option of borrowing more in the future without any obligations. For those who want the biggest lump sum, enhanced mortgages such as more2life’s Enhanced Lifetime Mortgage may be suitable, providing they meet the health & lifestyle questionnaire.

These are some examples of equity release solutions designed to suit different needs, and some companies that offer these products. There are, of course, many more providers within each sector. The best way to find a suitable deal is to compare different equity release plans, and seek independent advice from a qualified equity release adviser.