How old do you have to be to release equity is a way for homeowners to access the equity (cash) that is tied up in their home. The money that is released can be taken as a lump sum or in a regular monthly payment and it is completely tax-free. There are no repayments required and the balance is only repaid through the sale of the property when the homeowner dies or moves into long term care.

The rules around how old you have to be to take out a lifetime mortgage are different from those of a standard mortgage. Usually, you have to be over the age of 55 and some lenders may have a higher minimum age. This is because it takes them longer to make a profit from a lifetime mortgage than it would with a standard one.

Unlocking Your Home’s Wealth: How Old Do You Have to Be to Release Equity

It is also important to consider that the younger you are, the less equity you will be able to release from your home. This is because the lender will have to pay a greater amount of interest in order to cover their losses when you pass away or move into care.

You should seek independent financial advice from a qualified and experienced adviser before applying to a lifetime mortgage or other equity release scheme. They will review your circumstances and recommend the option that is best for you. This will be based on the value of your home, your age and your health. They will also ensure that you are aware of the risks and benefits.