The Process: From initial consulation to completion

Broadly speaking, these are the main steps of your equity release application from application to the point you receive the funds. I will explain each step in detail below. If you have any questions please feel free to get in touch.

The Equity Release Application Process and beyond

  1. Assessment and Eligibility: The first step is to determine if you're eligible for equity release. Generally, you must be over a certain age (usually 55 or 60), own a property in good condition, and have no debt secured on the property. i. e Mortgages or secured loans. If you do have debt secured against your property you still can release equity and use the equity release funds to settle your debt.

  2. Seeking Professional Advice: Before proceeding, it's essential to seek advice from a qualified equity release advisor. They will assess your financial situation, discuss your goals and needs, and explain the various equity release products available. Its always important to ensure your advisor is a whole-of-market advisor as they can offer products from the entire market and you are therefore likely to benefit from the best available product that suit your circumstances.

  3. Valuation of Property: An independent surveyor will assess the value of your property to determine how much equity you can release. This valuation is crucial in determining the maximum amount you can borrow. In most cases this valuation is carried out free of charge to you as the lender bears the cost of valuation.

  4. Choosing the Right Plan: Based on your circumstances and preferences, your advisor will recommend a suitable equity release plan. There are two primary types: lifetime mortgages and home reversion plans.

    • Lifetime Mortgage: This is the most common type of equity release. You borrow a lump sum or receive regular payments secured against the value of your home. Interest accrues on the loan, but it's typically not paid until you sell your home or pass away.

    • Home Reversion Plan: With this plan, you sell a portion or all of your property to a provider in exchange for a lump sum or regular payments. You retain the right to live in the property rent-free for the rest of your life. When the property is sold, the provider receives their share of the proceeds.

  5. Application and Legal Process: Once you've chosen a plan, you'll need to complete an application form. Legal professionals will handle the legal aspects of the transaction, including ensuring you fully understand the terms and implications of the equity release agreement.

  6. Release of Funds: After the legal process is complete, the funds are released to you. You can use the money however you wish, whether it's for home improvements, paying off debts, supplementing retirement income, or helping family members.

  7. Living in Your Home: You can continue living in your home for the rest of your life or until you move into long-term care. The loan is typically repaid when your property is sold, either upon your death or when you move into care.

  8. Repayment: When your property is sold, the proceeds are used to repay the equity release loan along with any accrued interest. Any remaining equity belongs to you or your beneficiaries.

It's crucial to carefully consider all aspects of equity release and seek independent financial and legal advice before making any decisions.


Equity release can be a valuable financial tool for homeowners looking to unlock the wealth tied up in their property to fund their retirement or achieve other financial goals. However, it's essential to seek professional advice and carefully consider the risks and implications before proceeding.