What is the maximum age for Equity release?

Some lenders will only accept applications where the borrower is a maximum of 85 next birthday whereas others will quote up until the age of 125. This means there is effectively no upper limit. You might be concerned that, because there are fewer lenders available, you the reduced competition might lead to higher interest rates. This is offset by the fact that applicants over 85 can secure the cheapest mortgage rates because of their age.

If you have a Lifetime Mortgage and drawdown facility with an age restricted lender, you should still be able to make use of the facility when you are over the age of 85.

There is no fixed date, and no maximum age by when a Lifetime Mortgage must be repaid. You have the guarantee that you can continue to live in your home during your lifetime or until you, or the second applicant for joint cases, needs to go into full time residential care. At that point, there is normally an allowance of 1 year during which the house can be sold and money raised to pay off the mortgage.