Equity release vs downsizing
Why the Over 55 Equity Release Service could suit you
Unlock tax-free cash
You still own your home
FREE £25 gift voucher*
What is equity release?
Are you a homeowner aged 55 or over?
If you’re wondering how to get hold of extra funds, equity release could be worth thinking about. You could access tax-free cash (or equity) tied up in your home, without having to sell up and downsize – and it’s up to you how you spend your money.
Interested in The SunLife Over 55 Equity Release Service?
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This is the most popular type of equity release scheme. You take out a loan against the value of your home and receive your cash as a tax-free lump sum, or access it as and when required. There’s no need for monthly repayments – interest is simply added to your lifetime mortgage and both are repaid when the property is sold.
Bear in mind…
Whether you’re considering a lifetime mortgage or a home reversion plan, equity release is a big decision – so make sure you consider all your options before making a final decision. You must be 55 and a UK homeowner to qualify for an equity release mortgage – and how much you can borrow will depend on your age, your health and the value of your home.
Remember that taking out a lifetime mortgage will reduce the inheritance you leave your loved ones, so it’s a good idea to involve them in the decision. An expert financial adviser will help you understand whether an equity release scheme is right for you. It’s worth noting that equity release will impact the size of your estate and entitlement to means-tested benefits.
Exploring equity release
If you’re thinking about equity release, you’ll want to know all the ins and outs. Our latest posts are a great place to start, so why not grab a cuppa and have a read?
See if your home’s gone up in value
Try our free calculator today to find out how much your home could have made you since you bought it.
Important things to know
- 90% of lifetime mortgage customers release equity within £10,000 – £100,000 or more. The amount released will depend on your age and value of your property.
- You continue to own your house with a lifetime mortgage which is a debt secured against it. Equity release, plus accrued interest to be repaid upon death or moving into permanent long-term care.
- All outstanding lending secured on your property must be repaid.
*A little thank you after you’ve had your adviser appointment. Please see full terms and conditions of the £25 gift here.
Frequently asked questions
The ‘equity’ (or cash) in your home is its market value, minus any mortgage or debt you have against it.
When you call the SunLife Equity Release Service, we’ll refer you to an equity release expert adviser from Age Partnership. They’ll assess your needs and help you decide whether equity release is right for you.
Age Partnership Limited are specialists in equity release and SunLife’s preferred partner for equity release advice. They provide advice for around 1 in 4 of all equity release plans in the UK.
Age Partnership has been providing specialist equity release advice for more than a decade. By working with them, we give you access to award-winning advice, exclusive products, preferential interest rates and competitive application fees. Your equity release adviser will assess your needs and help you decide whether equity release is right for you.
Well, that depends on many factors, like the type and value of your home, and your age when you start your plan. It’s likely that the older you are, the more equity (or cash) you can release. Feel free to use our equity release calculator for a guide.
With many equity release schemes, the answer is yes. Just be aware that certain conditions may apply and there may be fees to pay. Your Age Partnership adviser will be able to discuss these items in more detail with you.
Lifetime mortgages from an Equity Release Council member come with a ‘no negative equity guarantee’ to protect you – ensuring you never owe more than the value of your home.
With a lifetime mortgage from an Equity Release Council member, you have the right to remain in your home until you die or move into permanent long-term residential care. Only then will your home be sold and the outstanding equity release loan be repaid.
No. Usually, equity release loans are repaid when you die or go into permanent long-term care and your home is sold. Any residual value will be available to pass on as an inheritance. Depending on your equity release plan, you may be allowed to make regular repayments of the interest on your loan.
Yes. Equity release is regulated by the Financial Conduct Authority (FCA) – an independent regulatory body which ensures financial products are fair and meet strict standards.
The Equity Release Council (ERC/the Council), a not-for-profit organisation, is the industry body for the equity release sector. It aims to fully represent and facilitate the safe growth of the equity release market by helping to create the conditions which enable the market to develop effectively. You can find out more at equityreleasecouncil.com.
We’ll send your £25 gift voucher when you’ve arranged and attended your appointment with your Age Partnership adviser.