Tax-free cash to spend on whatever you want
A Lifetime Mortgage, also known as equity release, is a loan secured against your home. It's a product that allows homeowners, aged 55 and over, to take some of the value of their home as cash. The amount you can release is based on your age and the value of your home.
Depending on the type of product, you can usually choose whether to receive the money as a lump sum, a series of lump sums or as a regular income. Whichever form of equity release you choose, you continue to live in your home until the last surviving borrower dies or moves out of the home and into long term care. The cash released is tax-free and you can use it for whatever you like, whether that's for home improvements, travel or to pay off an existing mortgage.
Before choosing a Lifetime Mortgage, you must speak to a financial adviser for equity release advice. The product can only be taken out through a qualified equity release adviser. Our specialist advisers only advise on our Lifetime Mortgages, and the advice they give you is confidential and with no obligation to progress. We don't charge an advice fee (for more details please see further information on how much Legal & General advice costs) and we make sure you understand every single cost involved with taking out your Lifetime Mortgage. No costs are payable until your money is released.