Equity release works by allowing you to access some of your home’s value, tax-free.
If you’re a homeowner aged 55+ and looking for ways to release some funds in your later life, perhaps to fulfil some long-held dreams, or to renovate your home, equity release might be for you.
The most common type of equity release product is a Lifetime Mortgage, though other types of later life lending also allow you to take advantage of your home’s value. Equity Release is provided by Responsible Life and allows you to consider the available options.
Police Mutual have partnered up with Responsible Life to provide a equity release offering.
The equity release calculator is provided by Responsible Life and they can give you an estimate of how much you could release from your home. You get an estimate in minutes, plus receive a free guide to equity release.
Releasing equity with a Lifetime Mortgage
There are a number of different options available when you are looking at a Lifetime Mortgage - Responsible Life advisors can take you through these.
Lump Sum Lifetime Mortgages
A Lump Sum Lifetime Mortgage lets you release equity from your home in one lump sum of money.
You don't need to make any payments, so the amount borrowed, plus interest is repaid at the end of the term, which is when the last homeowner on the deeds dies or enters long-term care.
Why release equity with a Lifetime Mortgage?
Tax-free cash from your home
No Negative Equity Guarantee (NNEG) – so you can never owe more than the value of your home
You don’t have to move out – your home remains yours
This is a Lifetime Mortgage which could reduce the value of your estate and affect your entitlement to means-tested benefits. To understand the features and risks, ask your Responsible Life adviser for a personalised illustration.
How does equity release work?
|You still retain full ownership of your home, so can live in the property for the rest of your life – if you want|
Police Mutual acts as an intermediary for the purposes of introducing it's customers to Responsible Life Limited. You will not receive advice or any recommendations from Police Mutual. Such services which will be provided by Responsible Life Limited.
To understand the features and risks, ask for a Personalised Illustration. Responsible Life’s adviser will talk through the setting up costs of a mortgage before you make any decision to proceed. Only if you choose to proceed and your case completes will Responsible Life charge an advice fee, currently not exceeding £1,490.
If you take out a product recommended by Responsible Life, Police Mutual will receive a fee, for this introduction. If you would like further details about this fee, Responsible Life will be able to provide you with this. More information about Responsible Life and how your information is processed is available on their privacy notice. Find out how Police Mutual manages your personal data.
Do I qualify for equity release?
Releasing equity with a Lifetime Mortgage could be the right choice for you if you:
are over 55
want to borrow at least £10,000
own your home and it’s worth at least £70,000
are able to clear any existing mortgage on the property, either using the equity released or additional funds. Clearing an existing mortgage is one of the most common reasons to release equity
Use the equity release calculator to see an estimate of the cash you could get.
Police Mutual have chosen Responsible Life to provide our customers with advice on Later Life Lending products, including equity release. Responsible Life are not part of Police Mutual.
Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/) under reference 610205.
Responsible Life's registered office is: Mills Bakery, Royal William Yard, Plymouth, PL1 3GE. Registered in England & Wales. Company number 7162252.
Police Mutual is a trading style of The Royal London Mutual Insurance Society Limited provides pensions, savings, investments, equity release, protection products and wellbeing activities.
The Royal London Mutual Insurance Society Limited is authorised by the prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.