How over 55 equity release schemes work

Over 55 equity release unlocks the wealth in your home to allow you to achieve personal dreams, help loved ones or strengthen your financial position by providing a tax-free sum, with the option for staged payments. 

You must be over 55 and own your own home, and the amount you can release depends upon the value of your home and your age (get an idea how much you could borrow with our borrowing guide).

There are two main types of equity release plans: lifetime mortgages and home reversion plans. 

Plans provided by members of the Equity Release Council come with guarantees that, as long as the policyholder keeps to the terms and conditions of the plan, they will never be turned out of their home and their children will not end up in a situation of negative equity.