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LLB Later Life Borrowing

Should I release equity?

This is a short, honest triage, not personal advice. Answer a few questions and it will point you toward the option that tends to fit best, which may well be equity release, but may equally be downsizing, a different kind of mortgage, or simply not yet. The honest answer matters more than a sale, so probably not yet is a perfectly good result.

Do you want to keep living in your current home?
How long do you need the money for?
Could you comfortably afford monthly repayments from your income?
Do you receive, or might you qualify for, means tested benefits such as Pension Credit?
Do you expect to need residential care in the near future?
Have you talked it over with the family who might inherit?

Where this points

Equity release is worth exploring

    What the options mean

    Equity release lets you take money from your home while staying in it for life, with no monthly payments required. A retirement interest only mortgage also lets you stay, but you pay the interest each month, so the debt does not roll up. Downsizing means selling and moving to a smaller, cheaper home, which often frees up the same cash without interest. Probably not yet means the need is short term, or something needs sorting first, such as a benefits check.

    Whatever this suggests, read who equity release is not for and is equity release a good idea before going further.