Struggling with mortgage payments in retirement?
If you're over 55 and still have a mortgage, retirement may seem overwhelming. Rising payments can strain your finances, making it harder to enjoy your golden years. It might be time to consider a solution that can ease the pressure and give you more financial freedom.
Paying off your mortgage early is a great way to achieve peace of mind in retirement. With our whole-of-market advisory service, Royal London Equity Release Advisers will help you find a solution tailored to your unique circumstances.
What is equity release?
Equity release allows homeowners over 55 to access the value tied up in their home without having to move. With a lifetime mortgage, you can release cash to pay off your existing mortgage and reduce financial strain in retirement. You’ll retain full ownership of your home, and there are flexible repayment options. You can either make voluntary payments or let interest roll up over time, with repayment due when the last homeowner passes away or enters long-term care.
Key Benefits of Lifetime Mortgages:
- Unlock tax-free cash from your home
- Pay off your mortgage without selling
- Stay in your home with no monthly repayments (unless you choose)
- Safeguarded by the Equity Release Council’s no-negative-equity guarantee
Paying off your mortgage early is a great way to achieve peace of mind in retirement. With our whole-of-market advisory service, Royal London Equity Release Advisers will help you find a solution tailored to your unique circumstances.
What is equity release?
Equity release allows homeowners over 55 to access the value tied up in their home without having to move. With a lifetime mortgage, you can release cash to pay off your existing mortgage and reduce financial strain in retirement. You’ll retain full ownership of your home, and there are flexible repayment options. You can either make voluntary payments or let interest roll up over time, with repayment due when the last homeowner passes away or enters long-term care.
Key Benefits of Lifetime Mortgages:
- Unlock tax-free cash from your home
- Pay off your mortgage without selling
- Stay in your home with no monthly repayments (unless you choose)
- Safeguarded by the Equity Release Council’s no-negative-equity guarantee
Free Equity Release Calculator
Find out how much you could release with the help of Royal London Equity Release Advisers! Equity release could be used to pay off existing mortgages, fund home improvements, and more.
5 facts about Lifetime Mortgages
- You still own the property - 100% of it.
- You will not have to pay back more than your home is worth.
- You can ring-fence a portion of your property value to pass on as an inheritance.
- You can choose to make optional repayments to reduce the amount that you owe.
- Equity release can be used to pay off existing mortgages, provided the full amount can be cleared with the release and from other sources, resulting in no more monthly repayments!
- The personal information collected will be used by Royal London Equity Release Advisers to respond to your request by telephone and/or email and post. Please view our privacy notice for more information on your rights and how Royal London Equity Release Advisers will use your personal information.
How a Lifetime Mortgage can help?
A lifetime mortgage lets you unlock tax-free cash from your home to pay off your mortgage, giving you financial flexibility in retirement. You’ll keep full ownership and can choose flexible repayment options, with the loan repaid when the last homeowner die’s or move into long-term care.
Other options to consider:
Downsizing
Selling your home to move into a smaller, more affordable property.
Remortgaging
Switching to a new mortgage deal with more competitive rates (depending on eligibility).
Using other assets
If you have other assets, you may consider using them to pay off your mortgage.
Why choose us?
When it comes to unlocking the value of your home, trust matters. At Royal London Equity Release Advisers, we provide expert, impartial guidance tailored to your financial needs. Our fully qualified advisers offer whole-of-market access, ensuring you get the best possible equity release solution from a wide range of leading providers. As members of the Equity Release Council, we adhere to strict industry safeguards, including a no-negative-equity guarantee and options to protect a portion of your home’s value. With no-obligation consultations and transparent advice, we help you make informed decisions that work for you and your loved ones. Choose Royal London Equity Release Advisers for trusted expertise, market-leading choice, and financial peace of mind.
Frequently asked questions
If you have unsecured debts, it’s important to prioritise paying them off. Equity release can sometimes help clear these, but you should carefully consider the long-term costs. A qualified adviser can help you figure out if equity release or another option is better for your needs.
If you're thinking about paying off your mortgage early, check for any early repayment charges. Some mortgages come with fees, though these might not apply if you’re on a standard variable rate. Be sure to consider these costs before deciding on equity release.
Yes, many equity release plans allow you to move in the future, as long as your new home meets the lender’s criteria. Some plans even allow partial repayments without penalties if you downsize, so you have flexibility if your plans change.
Equity release is a big decision, and it’s important to weigh all your options. Speaking with an adviser can help you make an informed decision about what’s best for your financial situation and retirement plans.
Want to find out
more?
Request your free guide
Got a question? Royal London Equity Release Advisers is here to help
0800 023 9314Free from UK landlines and mobiles. Mon to Fri: 9am-8pm. Sat: 9am-5pm.