Am I eligible for Equity Release?

• The youngest applicant must be over the age of 55
  (for some plans this is as high as 60 or 65)
• Your property must have a minimum value of £40,000
  (some providers may require a higher minimum)
• Your property must be in England, Scotland, Wales or Northern Ireland (excluding the Channel Islands and Isle of Man)
• If your property is leasehold, the minimum unexpired term varies from provider to provider, but at least 75 years is required. It may however, be possible to extend your lease
• If your property is ex-local authority, you must, in most cases, be outside the discount period
• You must be able to raise enough money to repay any existing mortgage or secured loans

Some types of homes are not suitable security for equity release plans, including mobile homes, park homes, houseboats, and properties with agricultural or forestry ties. Also, it is more difficult to arrange equity release plans on freehold flats (except in Scotland), properties with commercial or business use, or properties over or adjacent to commercial properties.

Did you know?

Your property may also qualify for equity release even if you have a tenant living in it, or a younger relative or a carer living with you. To find out if you or your property would qualify for a plan, call ERIC’s equity release experts for free on 0800 077 6599 we’re here to help.

Is equity release the right choice for me?

Equity release isn’t the right choice for everybody and that’s why we’ve created this online guide; so you can read all the information and make an informed decision.

Take your time, discuss the options with your friends and family and, before you decide anything, make sure:

• You understand how it works
• You understand the risks involved, not just the benefits
• You have considered all the alternatives
• You have spoken to an authorised and specialist adviser.