Equity Release

Equity release allows homeowners over the age of 55 to release the equity in their homes, but still allowing them to live there for as long as they wish.

To be eligible for a Hodge Lifetime Equity Release Plan you need to be:

  • Aged between 55 and 85
  • Own a home worth at least £60,000
  • Considering raising at least £10,000
  • Mortgage free (a small mortgage can however be repaid by the equity you release)
  • The owner of a freehold property or leasehold property with more than 75 years to run
  • Living within your property without tenants or others with rights under the Rent Act
  • Living in a home that is in good repair (however an Equity Release Plan could assist you to carry out essential repairs to your property)
  • Please refer to the individual product leaflet for specific details of each Equity Release Plan

Things to consider when taking out an Equity Release Plan

There are a few things to bear in mind before taking out an Equity Release Plan.

These include:

  • The cost of compounded interest over a long period
  • The impact on any inheritance you may wish to leave
  • The effect on any welfare or tax benefits you currently receive or may be entitled to receive in the future
  • There may be alternative ways of releasing cash e.g. downsizing or obtaining grants for essential repairs or improvements
  • Participation in an Equity Release Plan should be viewed as long-term

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