If you’re 55 or over (youngest age if a couple) and own your own home in the UK, then you could be eligible for an equity release plan.
If you are taking out an equity release plan jointly (whether you are married, in a civil partnership or cohabiting) then you must both be 55 or over. Your spouse or partner will then have the right to live in the property for as long as they want, should you pass away or move into long-term care.
You must also own your property and it needs to be valued at £70,000 or more. The property must be in the UK (including Northern Ireland), it should be your main residence, be of standard construction and in good condition. If it’s leasehold then it must have at least 75 years remaining on the lease.
To release cash from your property with an equity release plan you need to be able to release enough equity to fully pay off any outstanding mortgage or secured loan, or have enough funds by other means to do this. After that, the remaining money is yours to spend however you choose tax free.