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Do I qualify for equity release?
To qualify for equity release schemes you will normally have to fulfil the following conditions:
- You are aged 55 or over.
- You own a property that is worth at least £70,000.
- You live within the UK mainland (including Northern Ireland).
- You have little or no outstanding mortgage or other loan secured on the property (when your funds are released, any outstanding mortgage must be repaid).
- Your property is freehold or leasehold with a minimum remaining lease period of 75 years.
- Your property is of standard construction and in good condition.
If you share your home with other members of the family or you have paying guests, you might have difficulty qualifying for an equity release scheme – although it’s still worth getting advice as this can sometimes be overcome.