Go Over Age Release For Free

Equity release ? the process of cashing in some of the value of your home ? is usually available only to those aged 55 or over. However, there may be other options for you to borrow money against the value of your home, without using full equity release products.

Equity release plans are available to homeowners from age 55, and there is no upper age limit. Not all providers lend at all ages, but most plans are available to applicants aged 60 to 85.

The minimum age to be eligible for an equity release plan is 55. If a jointly owned home is owned by a homeowner over 55 and another under 55, an equity release plan can only be obtained if the application is made in the name of the one homeowner who is over 55.

As with many products, equity release has its drawbacks. For instance, it is a loan secured against the value of your property, which means it will need to be paid back when you die or go into permanent care. And the amount of the inheritance you can leave behind will be reduced.

Please note that for equity release you need to be 55 years of age or over to qualify. If you are under 55 and want to release equity then you may wish to consider a second charge loan or a remortgage on your existing property.

So, perhaps you've got someone here in their early fifties, thinking about doing this now or in the future. I mean, the short answer is that if you're under fifty five, you're not eligible for equity release. But it's a really good time to start planning for that eventuality.

Key Takeaways. It is illegal for lenders to discriminate and deny credit based on age. Older applicants are treated the same as younger ones: They need a reasonable amount of home equity and must prove that they can afford the monthly payments.

Who is eligible for Equity Release? Providers vary, but to be eligible for a Lifetime Mortgage, the minimum age is usually 55 years old. If you have an existing mortgage or other debt secured against your property, this must be paid off either from the Equity Release itself, or before you go ahead with the application.