How much equity you can release from your home is dependent on a number of factors, including your age, property value and the type of property you live in. To qualify for a lifetime mortgage you will need to meet this basic criteria:
- You will need to be 55+ years old, and for couples both applicants must be over 55 years.
- You must own your own home in the United Kingdom, which must have a minimum value of £75,000
- You will be required to borrow £15,000 or more
- The property must be your main residence, in which you live permanently. The property should not be unoccupied for more than six months at a time.
- Whether you have a remaining mortgage or not doesn’t matter, you will still be eligible if you meet the other criteria. If you have any outstanding mortgage this would be required to be paid out from the money you receive from the lifetime mortgage.