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Written by Tyler Colton
The modern truth is largely different to the common myths surrounding equity release, from losing your home to owing more than your property is worth.
Our free guide to releasing equity will fully inform you about the real pros and cons as well as spark some ideas of the goals you could achieve by unlocking your home's value.
Whether you are looking for a way to clear your outstanding mortgage, gift an early inheritance to your loved ones, fund long-awaited home improvements, or simply tick things off you have wanted to do for a while, equity release could be your answer.
Explore why more than 50,000 over 55s have decided to learn more about their later life financial options from the team at Responsible Life.
There are a variety of different products available to release equity. The UK's most popular form of equity release is a Lifetime Mortgage. With this product, you retain full ownership of your home.
Lifetime Mortgages are more flexible than ever before and are designed to last your lifetime, with interest rolling up over time. Interest rates are usually fixed for life.
Throughout the duration of your Lifetime Mortgage, there are no commitments to making monthly repayments. However, it is recommended to consider whether you could make voluntary payments to reduce the overall cost of borrowing over time.
An equity release plan will reduce the value of your estate and may affect your entitlement to means-tested benefits. Our team will help you to consider what the best choice is for you based on your current wants and future needs.
We offer a wide variety of products made available to the whole of the market, with flexible features throughout. We also offer access to products not available to the wider market.
At Responsible Life, we will assess your suitability for a range of solutions designed to help you take advantage of your property wealth. We find that the most popular way of releasing equity is with a Lifetime Mortgage. However, we want to ensure that you have access to a wide range of solutions and can also provide you with access to Retirement Interest-Only Mortgages and traditional mortgages if these are more suitable.
Your adviser will provide you with a consultation service that compares the available options, coming up with a recommendation of what could work best for you. The service will also explain how each product works and what features are available to help achieve your goals.
