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The value of your home minus any outstanding mortgage on it can be described as your ‘equity’. If you want access to some, or all, of your equity, then you can you make use of an equity release plan. An equity release mortgage turns the equity in your home into a lump sum of cash that you can spend on whatever you want. You get to stay in your home for the remainder of your life, or until you move into long term care.

How much cash you can release depends on how old you are, how much your home is worth, and if there are any outstanding loans on the property. To get a general idea of how much cash you may be able to release from your home, then you can use an online equity release calculator. They are free to use and are pretty accurate.

As equity release is not a good for option for everyone, and it can be quite a confusing process, it is important to seek independent advice. Reputable equity release companies will offer a free initial no-obligation consultation. They will assess your specific circumstances and advise which, if any, equity release plan is best for you.

These advisors are not sales people – they are there to help you. They will answer your questions and will provide you with a report of their recommendations that you can take away with you. Their report will state what they think is the best course of action for you to take, the reasons why it is suitable for you, all the facts and figures, and any costs or charges associated with the equity release plan. They have a legal duty not to conceal anything from you, so you do not have to worry about being ripped off or scammed.

You do not need to give your equity release advisor an immediate decision. If you do decide to proceed, then simply contact them and tell them so. They will remain as your personal contact and will guide you through the rest of the process. They will speak to your lawyer and equity release plan provider on your behalf to make that sure everything is going ahead smoothly, right through to the moment that you receive your money.

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