Equity release is a financial product for homeowners aged 55 and over that lets you claim tax-free cash from the value of your home. You can choose to receive the money in one big lump sum or as a regular income over the course of your lifetime. You can also use it however you wish. You can even protect a percentage of your home’s value to leave as inheritance for your family, and this won’t be taken into account when you apply.

Equity release mortgage under 55  can still access some forms of finance but it’s not always straightforward. Alternatives include remortgaging with an older relative and home reversion schemes.

Unlocking Home Wealth Early: Is Equity Release Mortgage Under 55 Right for You

You should seek independent financial advice before considering any form of equity release. The adviser will look at your needs and lifestyle, the equity you have in your property, your age, any existing mortgage or charges on your home and your local housing market before recommending what might be best for you.

You’ll be asked for your consent to proceed before the loan can be arranged, so you should always make sure that you understand the terms and conditions of any plan. There are no upfront fees or charges, but the interest you pay will increase over time and could affect your entitlement to means-tested benefits. Products from providers that are members of the Equity Release Council come with a no-negative-equity guarantee. They will never allow you to owe more than your home is worth.