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Equity release is a way of accessing the wealth you have tied up in your property, without necessarily having to sell it. There are two primary types of equity release, 'Lifetime Mortgages' and 'Home Reversion Plans', both overseen by the Financial Conduct Authority for regulation. All Equity Release products are required to be "advised sales" under Financial Conduct Authority regulations. This involves a qualified and authorised adviser gathering comprehensive information about your circumstances and needs, exploring all available options (including mainstream mortgages, Retirement Interest Only mortgages, and others), and then making a recommendation tailored to you. Equity release can play a pivotal role in retirement funding. Plans adhering to the Equity Release Council product standards incorporate flexibility and safeguards, allowing many homeowners to access their housing wealth safely, and free from the burden of monthly repayments.

This will primarily depend on three things; Your age (the amount will be based on the age of the youngest applicant for joint applications) The value of your home The plan you choose Other factors may impact the amount you can borrow such as your current state of health.

A Lifetime Mortgage is an equity release product that involves taking out a type of mortgage on your property. A Lifetime Mortgage does not require you to make monthly repayments, although some products will allow you to make repayments rather than rolling up the interest. As with a standard mortgage, you retain ownership of your home with the loan and rolled up interest only payable when you pass away or move into long-term care. If you apply for a lifetime mortgage as a couple, the repayment is not made until the last surviving applicant passes away or moves into long-term care. This feature ensures that both applicants can remain in their home for the rest of their lives or as long as they need. When you apply for a lifetime mortgage, you can choose to receive your funds in a tax-free lump sum or in smaller, regular payments. There may also be the option to borrow further funds as and when you want to, up to the maximum agreed with the plan provider. We specialise in Lifetime Mortgages at Need Financial Planning.

Yes, you can take out equity release if you have a mortgage. However, the funds released must first be used to repay your existing mortgage. The remaining amount can then be used as you wish.

You should certainly consider the potential impact on your benefit payments before proceeding with an Equity Release mortgage. It's advisable to consult the appropriate benefits agency to clarify any implications. Your equity release adviser can (and should!) also offer guidance on this matter.