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What is Enhanced/Ill Health Equity Release?

Enhanced equity release, also known as ill health equity release, is a financial solution tailored for homeowners with specific health conditions or lifestyle factors that may reduce life expectancy. This type of equity release allows you to access more money from your home's value compared to standard plans, due to the shorter expected repayment period. Enhanced equity release products are regulated by the Financial Conduct Authority (FCA), ensuring protection and oversight for consumers.

Key Features and Benefits

  • Increased Access to Funds: Due to health conditions or lifestyle factors, you may be eligible to release more money than with a standard equity release plan.
  • Tailored Solutions: Plans are designed to meet the specific needs of those with health conditions, providing financial support when it's needed most.
  • Interest Savings: Potentially lower interest rates compared to standard plans because of the shorter expected repayment period.
  • Peace of Mind: Continue to live in your home while accessing its value.
  • No Negative Equity Guarantee: Thanks to the standards set by the Equity Release Council (ERC), you will never owe more than the value of your home.

Factors to Consider

Eligibility

Enhanced equity release is available to homeowners aged 55 and over who have qualifying health conditions or lifestyle factors. These can include conditions like high blood pressure, diabetes, or lifestyle factors such as smoking. The amount you can release depends on your age, the value of your home, and the severity of your health conditions.

Costs

It's important to understand the interest rates and fees associated with enhanced equity release. While you might benefit from lower interest rates, the interest is added to the loan and can grow over time. There may also be fees for arranging the plan, valuing your home, and legal costs. Compare different plans to ensure you understand all costs involved.

Impact on Inheritance

Releasing equity from your home will reduce the value of your estate, which means you might leave less to your loved ones. Some plans allow you to protect a portion of your property’s value to pass on as an inheritance. Discuss the impact on your estate with your family to ensure everyone understands the implications.

Impact on State Benefits

Taking out an enhanced equity release plan can affect your eligibility for means-tested state benefits. The extra income or savings may reduce the benefits you receive. It’s crucial to discuss this with an adviser to fully understand the implications.

Advice

Seeking professional advice is essential when considering enhanced equity release. An adviser can provide personalised recommendations based on your health conditions and financial situation. They can help you understand the pros and cons and find the best plan for you. Speaking to an adviser is crucial to ensure you are making an informed decision.

Next Steps

Choosing the right enhanced equity release plan can be complex, but getting expert advice can make it easier. By understanding your specific needs and circumstances, an adviser can help you find the best plan that provides increased access to your home’s equity.

Interested in the benefits of enhanced equity release? Speak to a knowledgeable adviser who can guide you through the process and help you make the right choice.

Get Expert Enhanced/Ill Health Equity Release Advice Now

Frequently Asked Questions

Enhanced equity release allows homeowners with specific health conditions or lifestyle factors to access more money from their home's value compared to standard equity release. This is because the expected repayment period is shorter due to health factors.

Why Use Us?

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How It Works

  1. Complete our simple form
  2. Our partner, Unbiased, will connect you with one equity release adviser perfectly suited to meet your needs. Expect an email with their details.
  3. You'll receive a no-obligation equity release quote
  4. Your assigned broker will then contact you to schedule your first meeting.

What People Say

"He has kept me posted every step of the way and explained everything fully. There were no hidden costs. I would definitely recommend and will not hesitate to use them in the future"


"Very satisfied with the service received ! The advisor was excellent handling our equity release and was very helpful with all questions we had and changing our term twice! Thanks again!"

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*Example rate shown is from Hodge with a rate of 6.05% (12/09/2023). The rates shown are for illustrative purposes only, they should not be taken as any form of advice or recommendation. Actual mortgage quotes are based on individual circumstances.

  1. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.