Equity release over 55: age rules and amounts
Equity release over 55 is open to homeowners who meet a lender's minimum age, which is normally 55, and on a joint application both of you usually need to reach it. The plan works the same way whatever your age above that; what mainly changes is how much you may be able to release.
Equity release over 55: the minimum age explained
To take out a lifetime mortgage, you, and on a joint application your partner, normally need to be at least 55. In practice this means the youngest applicant's age is what counts for eligibility. Legal & General, for example, says so for its Payment Term Lifetime Mortgage.
If only one of you qualifies, our joint equity release guide explains what can happen when only one partner is named on a plan.
Do you need to be retired to get equity release?
Equity release is sometimes described as being "for pensioners", but you don't need to have retired. Eligibility is based on age and owning your home; being retired or receiving a pension isn't itself a requirement. Our guide to lifetime mortgage eligibility explains more.
The 55 threshold is separate from pension rules: the normal minimum age for accessing a private pension is 55, rising to 57 from 6 April 2028, as our pension options at 55 guide explains.
Equity release for under 55s: the alternatives
Standard lifetime mortgages are generally not available before 55. Legal & General's own guidance says people under 55 "won't have as many options", and mentions payment-term lifetime mortgages, remortgaging and downsizing.
Legal & General's Payment Term Lifetime Mortgage is available from age 50, with the payment term able to end between ages 55 and 75.
You make monthly payments for a set period, which limits how much interest builds up, but missed payments could put your home at risk. Downsizing avoids borrowing, though moving has its own costs. Our equity release providers directory lists named lenders' published criteria, A–Z.
Later Life Finance Guide is not affiliated with Legal & General and does not recommend any lender or provider. This page summarises publicly available information; products and criteria change, so check the current details with the provider or an FCA-regulated adviser. Details were checked on 26 September 2026.
How much you could release at 55, 60 and beyond
MoneyHelper states that, broadly, a lifetime mortgage will likely only offer around 10%-20% of your home's value at age 55.
The amount generally rises with age, because a plan started later is expected to run for fewer years, but lenders set their own limits and there isn't a single published table for every age.
Releasing more also means more interest added to the loan over time, leaving less in your estate, as our equity release costs guide explains. Our equity release calculator gives an indicative figure for your age and property.
Does equity release work differently once you're over 55?
Equity Release Council product standards, including the no negative equity guarantee, the right to remain in your home and the right to move to a new property that meets the lender's criteria, apply to plans from member firms regardless of your exact age.
What mainly changes is the amount you might release; some lenders also publish upper age limits, and some take health and lifestyle into account at any age. See equity release in your 70s and later for upper age limits.
Getting a personalised view
An FCA-regulated adviser can check whether you qualify and give a personalised illustration showing the amount, the interest and the effect on your estate. Our equity release guide covers the costs and risks to weigh against any amount released. We do not provide financial advice.
Later Life Finance Guide is not affiliated with Legal & General and does not recommend any lender or provider. This page summarises publicly available information; products and criteria change, so check the current details with the provider or an FCA-regulated adviser. Details were checked on 26 September 2026.
Not sure which option fits your circumstances?
Frequently asked questions
Can I get equity release before I turn 55?
Standard lifetime mortgages are generally not available below 55. Some lenders publish payment-term lifetime mortgages from age 50, where you make monthly payments for a set period and missed payments could put your home at risk; Legal & General's Payment Term Lifetime Mortgage is one example on its own site. Remortgaging or downsizing are other routes an adviser can discuss.
Do I need to be retired or drawing a pension to get equity release?
No. Eligibility for equity release is based on your age and owning your home; being retired or receiving a pension isn't itself a requirement. Lenders also set their own property criteria, so an FCA-regulated adviser checks both you and your home against a lender's published rules.
Is the minimum age for equity release linked to the pension access age?
No. They are separate rules that happen to share the number 55. The normal minimum age for accessing a private pension is 55, rising to 57 from 6 April 2028, while the minimum age for a lifetime mortgage is set by lenders and is normally 55.
How much could I release at 55?
MoneyHelper says that, broadly, a lifetime mortgage will likely only offer around 10%-20% of your home's value at 55. The amount usually rises with age, but lenders set their own limits. Our equity release calculator gives an indicative figure, not a quote; an adviser can provide a personalised illustration.
How does a payment term lifetime mortgage differ from a standard one?
You make monthly payments for a set period, which limits how much interest builds up, whereas a standard lifetime mortgage usually adds the interest to the loan. Legal & General says its version is available from 50, with the payment term ending between 55 and 75. Missed payments could put your home at risk.