Mellow FinancialEquity release.
We don't advise on equity release ourselves. If it's something you're considering, we can put you in touch with a specialist adviser.
How it works
The basics, before you speak to a specialist.
Equity release lets you take money from your home to pay off a mortgage, improve your home, clear debts, help family or simply enjoy retirement.
With a lifetime mortgage, the loan is usually repaid when you, or the last of you as a couple, die or move into long-term care. Interest can roll up or be paid as you go, so monthly payments aren't required.
The minimum age is 55 and there's no maximum. How much you can release depends on your age and your home's value.
Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration. Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits.
The two types
Lifetime mortgage or home reversion.
Lifetime mortgage
You stay the owner of your home and keep living in it.
Home reversion plan
You sell part of your home to a provider and keep living there rent free.
Questions
Frequently asked.
What is equity release?
A way for homeowners aged 55 and over to access money tied up in their home without selling or moving. You can take a lump sum, smaller amounts over time, or both.
How much can I release?
It depends on your age, your home's value and the plan. Generally, the older you are, the more you can release.
Do you advise on equity release?
No. Equity release needs specialist advice, so we introduce you to an adviser who is qualified to give it. Just let us know and we'll put you in touch.
Will I still own my home?
With a lifetime mortgage, yes. The loan is repaid from the sale of your home when you die or move into long-term care.
Are there monthly repayments?
Not usually. Interest builds up and is repaid with the loan. Some plans let you make optional payments to reduce what you owe.
Will it affect what I leave to my family?
Yes. The loan and interest are repaid from your home, which reduces your estate. Some plans let you protect part of your home's value for inheritance.
Want to explore equity release?
Book a call and we'll put you in touch with a specialist adviser.
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