Frequently Asked Questions

Below you’ll find answers to the questions we get asked the most about applying for equity release.

Frequently Asked Questions

Equity Release allows you to release some of the cash tied up in your property without having to move or downsize. The money you release is tax-free and can be spent however you wish. Please be aware that releasing equity from your property will reduce any inheritance in respect of your loved ones and could have an effect on any means-tested state benefits now and in the future.
Equity Release may involve a Lifetime Mortgage or Home Reversion Plan which is secured against your property. Equity Release requires paying off any existing mortgage, with any money released plus accrued interest being repaid upon death or moving into long-term residential care.
To understand the features and risks, ask for a personalised illustration.

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The amount that you can release depends on your age and the value of your property. However, some lenders will also take into account your health and lifestyle. You can choose if you want to release the cash as a lump sum all at once or choose to take your money in smaller regular amounts. To find out exactly how much fill in our enquiry form and an expert advisor will be in touch to provide a no obligation quote.

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Many equity release schemes will allow you to still move if you have taken out an equity release mortgage. However, there could be fees to pay and certain conditions may apply. The new property will need to fit the lenders criteria.

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Mortgages provided by an Equity Release Council member provide you with the right to remain in your home until you die or have to move into permanent long-term residential care. If you take out a lifetime mortgage then you retain 100% ownership of your property.

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Equity Release mortgages provided by an Equity Release Council member offer a “No Negative Equity Guarantee” meaning you will never owe more than the value of your home, ensuring that no debt is ever passed on to your estate.

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The Equity Release Council is a dedicated trade body that is supported by the leading providers of equity release within the UK. It was created to promote safe equity release schemes and to safeguard the interests of homeowners.

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My Life Mortgage is committed to helping you decide which type of equity release plan is most suitable for your needs, and finding you the best rates, highest cashbacks and maximum releases available. As a non-advised business, we work with regulated equity release specialists who will help you compare the best quotes from the UK’s leading equity release providers. *Your quotes are provided entirely free and without obligation. Only if you chosose to proceed and your case completes will you be charged a fee, see our terms & conditions for more information. My Life Mortgage is a trading style of My Life Mortgages Limited. ICO Registered in England and Wales with registered number 11491572.

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