Equity release gives you the freedom to access some of the money tied up in your home, without the need to move. For many people, it’s a way to improve day-to-day finances in later life—whether that means supplementing your retirement income, clearing an existing mortgage, or covering rising household costs. Others use it to fund one-off expenses like home improvements, a new car, or long-overdue travel plans.

It can also be a way to help loved ones while you’re still here to see the difference—such as gifting a deposit to children or grandchildren, or supporting family during difficult times. However you choose to use the money, equity release is a flexible financial tool that should always be considered with your long-term plans in mind.

To qualify for equity release, you must be at least 55 years old and own a property in the UK, usually worth £70,000 or more. The amount you can borrow depends on your age, the value of your home, and sometimes your health. The older you are, the more you may be able to release. It’s also possible to apply jointly with a partner, in which case the youngest applicant’s age will be used to determine eligibility.

You’ll need to be the homeowner, and your property must meet certain criteria set by the lender—such as being in good condition, of standard construction, and located within the UK. Every case is assessed individually, so even if you’re not sure whether you meet all the requirements, it’s worth speaking to an adviser to explore your options.

Equity release isn’t the only way to unlock money in later life, and it’s important to weigh up the alternatives before making any decisions. Some people choose to downsize to a smaller property, which can free up cash without taking on a loan. Others may prefer to use savings, investments, or pensions if they’re available. Depending on your circumstances, a retirement interest-only mortgage or traditional later-life mortgage might also be a better fit.

In some cases, financial support from family—such as a private loan or early inheritance—can provide an alternative route. The right option depends on your goals, your finances, and your personal preferences. A good adviser will always explore these alternatives with you to ensure equity release is only recommended if it truly suits your situation.

One of the key things to consider with equity release is its impact on the value of your estate. Because the loan is repaid from the eventual sale of your home—usually after you pass away or move into long-term care—it reduces what’s left behind for your loved ones. Over time, interest can compound and increase the size of the loan, particularly with lifetime mortgages where no monthly repayments are made.

However, there are ways to manage this. Some plans let you ring-fence a portion of your home’s value to guarantee an inheritance, while others allow you to make voluntary payments to reduce the impact over time. A qualified adviser can help you understand how different options might affect your family’s future and ensure you make a choice that balances your needs with your long-term wishes.

Equity release is a big decision —so it’s a good idea to involve your loved ones in the conversation. Sharing your plans openly can help avoid misunderstandings later on and ensure everyone is on the same page. Many clients find that discussing their intentions with children or close family brings added peace of mind and helps shape a decision that works for everyone.

At Aspect Mortgages, we actively encourage family involvement. You're more than welcome to bring relatives to appointments, ask questions together, and take the time you need to talk things through. We believe the best decisions are made with support, transparency, and confidence—and we’re here to help guide that process every step of the way.

Equity release can be a valuable financial tool—but it’s not right for everyone. The best way to find out if it suits your needs is to speak with a qualified adviser who takes the time to understand your goals, concerns, and circumstances. Whether you’re just starting to explore your options or ready to take the next step, we’ll give you clear, honest advice tailored to your situation.

At Aspect Mortgages, we’re proud to be independent and fully regulated. We’ll guide you through every stage of the process, explain the pros and cons, and make sure all your questions are answered—without pressure or jargon. If equity release is the right fit, we’ll help you move forward with confidence. If it’s not, we’ll help you find a better alternative. Either way, you’ll have the information you need to make the best decision for you and your family.