Equity release

There are two main types of equity release plans available: lifetime mortgages and home reversion plans. Within each plan type there are a number of different products available from a number of different providers. The Saga Equity Release Advice Service gives you access to a range of carefully selected products, specially selected to meet a range of customer needs. It also gives you access to expert advice to help you choose the right plan for you.

It is important to remember that these plans can involve potential risks and you should understand these before making any decision about equity release. If you choose to meet one of our specialist advisers, they will ensure that you are fully aware of these potential risks and guide you through the decision making process. If equity release is not suitable for your circumstances, they will let you know, and if it is right for you, they will help you find a solution from the specially selected plans available through the Saga Equity Release Advice Service.

Please be aware that equity release may affect your entitlement to state benefits and will reduce the value of your estate. The Saga Equity Release Advice Service can help you understand the impact equity release may have on the inheritance you leave behind and help you decide if it is right for you.

To help you understand the features and risks associated with a lifetime mortgage or home reversion plan, our specialist advisers will provide you with a personalised illustration for whichever of these options best suit your needs. This will be based on your individual circumstances and will help you make your final decision.

If you'd like more information about equity release, please download a brochure, or alternatively use either of the links below: 

Lifetime mortgages
Home reversion plans

If you'd like to book an appointment with a specialist adviser, please call us on 0800 096 7120 or request a call back.
 

Some of the risks involved in equity release

The risks will depend upon the type of equity release scheme you choose.

Think carefully before securing other debts against your home.

A rolled-up interest loan will continue to increase, as you are not paying any interest until the property is sold – you could finish up owing more money than your home is worth. To avoid this, there should be a guarantee that the repayment amount will never exceed the sale proceeds of your property. Saga's Equity Release Advice Service only recommends plans with this guarantee.

With a home reversion plan, you sell a percentage of your property to a reversion company in return for an income and/or a lump sum. When the property is sold the agreed percentage belongs to them. You or your heirs will not benefit from any future rise in house prices on this percentage.

Equity release is a serious decision and not right for everyone because it may affect your entitlement to state benefits and will reduce the value of your estate. Taking professional advice and discussing your options with those close to you is essential.