Qualifying for an Equity Release Scheme:
To qualify for an equity release scheme you will generally have to fulfil a number of different criteria. Each scheme has different requirements but you will generally need to fulfil the following:
- The minimum qualifying age is normally 55. However some equity release plans are only available to those over 60, 65 or even 70.
- Most companies that offer equity release loans will expect that you own the freehold on your home or have a leasehold with a minimum of 75 years unexpired on the lease.
- Your property will normally have to worth a minimum of £40,000 to £50,000 but again, this will vary from scheme to scheme
- In general your property will need to be in a good state of general repair.
Assuming you can put a tick against all or most of the boxes above then the likelyhood is that you will be accepted into one or more equity release schemes. Make sure you do your research properly and seek independent financial advice if you are unsure of anything, only sign on the dotted line if and when you are entirely sure it's the right decision for you.