Equity Release is a means of using the value of your home to receive either a lump sum of cash or regular monthly instalments. In all instances, age is the primary factor in determining the percentage of the value of your home that will be released. A person of an older age can release a higher percentage of the value of their home than a person of a younger age, as they will not live as long.
There is no maximum age limit for equity release, although applications are almost not, granted for anyone under the age of sixty and equity release mortgages are not regulated by the government regulations.
When choosing an equity release plan, ensure that it has negative equity guarantee. This means that in the event of the value of your property decreasing, the debt will also decrease, in addition, this will ensure that any outstanding debt, after the sale of your property will not be passed on to your next of kin. If you are living with a partner, you must take out a joint plan to ensure that the debt can be claimed after death, or admittance into long-term care, of the last surviving partner.