Releasing the equity of your property is an avenue that many people in their later years are encouraged to think about. One way of going about this is by taking out a lifetime mortgage. This gives you access to tax-free cash from the value of your property – without having to sell it beforehand or downsize. Sounds tempting, right?

Available from a minimum age of 55, a lifetime mortgage is becoming increasingly popular as an option of freeing up some of the wealth you have tied up in the value of your home. Little is altered in terms of the ownership of your property, and you are still tasked with all the regular maintenance that you would be without a lifetime mortgage.

This method allows you to obtain a lump sum of cash to enjoy in your later years, something that we’re sure will pique your interest. So let’s take a look at some of the benefits…

No obligation to pay back during your lifetime

One of the main benefits of a lifetime mortgage is that you are releasing the equity of your home, arguably your most significant financial asset. You are given a lump sum of cash to use however you see fit in your later years, with no obligation to pay this back during your lifetime. It is only paid back once you die, or if your home is sold and you move into residential care.

You can spend this money as you wish during this period, which should give you more freedom and peace of mind to take that holiday of your dreams, or clear off niggling debts, with a strengthened financial position.

You will still be the legal owner of the property

A lifetime mortgage also gives you freedom in the sense that you are still the registered legal owner of the property you release the equity of. Feel free to use your money for home improvements, or to make any adjustments to help with mobility issues etc. the choice is yours!

A lifetime mortgage gives you free rein to have that kitchen renovation you always wanted, or to make the garden into a place where you can comfortably spend time in your later years.

You can still provide an inheritance to your loved ones

When your property is sold, either after you die or move into residential care, it could leave some inheritance money left over for your beneficiaries, providing that the value of the property is enough to pay off the remaining part of your lifetime mortgage. If you have a fixed repayment lifetime mortgage, and you live for a much longer period, there is the potential that you could eventually pay off this mortgage before your property is sold. Putting you in a much better position financially.

Contact us

Would you like to find out more about how to release equity in a house, St Helens based or elsewhere? If so, the team here at St Helens Law can be of assistance. We are expert residential property solicitors in St Helens and have upheld a glowing reputation for helping our clients with their legal issues since our inception nearly 20 years ago.

To get in touch with one of our friendly staff, be sure to give us a call today using 01744 742360. You can also use our email at or our online enquiry form for more detailed enquiries. Here you can arrange an initial FREE of charge consultation of up to 30 minutes for an overview of your case.