Equity Release
Allows homeowners aged 55 or over to access money from their home while continuing to live there. It can be suitable in some circumstances, but it's a long-term decision that may affect inheritance.
Exploring your later-life financial options
Clear, independent information to help you understand equity release, retirement mortgages and alternatives - before speaking to a regulated adviser.
Free. No obligation. FCA-regulated advice only.
Understanding your options before making a decision
Later-life financial decisions are often long-term and can affect your home, your finances and your family. It's important to understand the options available - and the potential risks - before making any decisions.
LaterLifeFinanceGuide.co.uk provides clear, independent information to help you understand options such as equity release, retirement interest-only mortgages and alternatives. We do not provide financial advice or recommend products. Our role is to help you understand your options first, before deciding whether to speak with a regulated adviser.
Your later-life financial options
There is more than one way to approach later-life finances. Understanding the differences can help you decide which option may - or may not - be right for you
Retirement Interest-Only Mortgages
A mortgage designed for older borrowers where you make monthly interest payments. The loan is typically repaid later in life, subject to lender criteria and income requirements.
Downsizing
Selling your current home and moving to a smaller or less expensive property can release money and reduce ongoing costs, without taking on new borrowing.
Using Savings or Pensions
In some situations, using existing savings or pension income may be an alternative to borrowing, depending on your wider financial position and plans.
Tools to help you check the numbers
Our free calculators give rough, indicative figures so you can see how the main later-life options might work for your home and income. They are not quotes or recommendations, and lenders apply their own criteria.
- Equity release calculator: a rough estimate of how much you might be able to release, based on your age and the value of your home.
- RIO affordability calculator: a rough sense of whether the monthly interest on a retirement interest-only mortgage might be affordable from your income.
- Downsizing calculator: an estimate of the cash you could release by moving to a smaller home, after moving and selling costs.
Before you use them, it can help to have a rough idea of your home's current value, your regular income in retirement, any mortgage still outstanding and what you would want the money for. Having those figures to hand also makes a first conversation with an adviser more useful.
For regulated products such as equity release or a mortgage, the next step is advice from an FCA-regulated adviser, who can check what may be available and suitable for you.
Frequently asked questions
Does Later Life Finance Guide give financial advice?
No. LaterLifeFinanceGuide.co.uk is an independent information website. We explain how later-life options such as equity release, retirement interest-only mortgages and downsizing work, including their risks, but we do not recommend products or assess what is suitable for you. For personal advice, speak to an FCA-regulated adviser.
Is it free to use this website?
Yes. The guides and calculators are free to use and there is no obligation. Some pages may in future contain affiliate links, which means we could receive a commission if you use a third-party service, at no extra cost to you. Our affiliate disclosure explains how this works and why it does not affect our content.
Which later-life options does the site explain?
Our guides cover equity release, retirement interest-only mortgages, other later-life mortgages, downsizing, using savings or pensions, and related topics such as paying for care, gifting and lasting powers of attorney. The later-life options page compares the main choices side by side.
How old do you need to be for equity release?
Equity release is usually available to homeowners aged 55 or over. With a joint plan, both applicants normally need to meet the lender's minimum age. The amount you could release generally depends on your age, the value of your home and the lender's criteria.
Are the calculator results a quote?
No. The calculators give rough, indicative figures based on a few simple inputs, to help you understand the numbers before speaking to anyone. They are not quotes, offers or recommendations. Lenders apply their own criteria, and only an FCA-regulated adviser can tell you what may be available to you.
Not sure where to start?
It's completely normal to feel unsure when considering later-life financial options.
Everyone's circumstances are different, and the right approach often depends on your home, income, age and long-term plans. Understanding your options first can help you decide whether speaking to a regulated adviser is the right next step for you.
Understanding the different later-life options available.
Free to use. No obligation. We do not provide financial advice. Visit our FAQs.