Royal London Later Life Lending Service. In partnership with Responsible Life.

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Don't fall for the myths about equity release - get the facts

Equity release has long been the subject of many a myth, from it not being safe, to possibly losing your home. Although many UK homeowners could benefit from accessing their property wealth, many people still have misconceptions about what equity release is and how it works.

These myths have prevented many potential customers from considering equity release as a potential financial solution in later life.

Discover the truths

With a Lifetime Mortgage, the UK's most popular form of equity release, your home remains 100% your own. The 'no negative equity guarantee' ensures that you never owe more than the value of your home, protecting your loved ones from inheriting Lifetime Mortgage debt.

In addition, the amount you owe is only due for repayment after the last homeowner dies or moves into permanent long-term care. This is usually done through the sale of the property. Your interest rate can be fixed throughout your plan, giving you complete clarity over the full cost. There are also a variety of features allowing you to tailor your release, meaning that Lifetime Mortgages represent an incredibly flexible type of borrowing for homeowners over the age of 55.

If you're over 55 and your home is worth £70,000 or more you could be eligible for equity release. Use the free calculator below to see how much tax-free cash you could unlock from your home!

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Free equity release calculator

Request your free guide and calculate how much equity you could release from your home.

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  • The Later Life Lending Service is provided by our trusted partner, Responsible Life who are award winning later life lending specialists and are rated excellent on Trustpilot.
  • The personal information collected will be used by Royal London & Responsible Life to respond to your request. Please view our privacy notices for more information on your rights and how Royal London & Responsible Life use your personal information.

5 truths about lifetime mortgages

  • You still own the property - 100% of it.
  • Your home cannot fall into negative equity.
  • You can ring-fence a portion of your property value for inheritance.
  • You can choose to make optional repayments to reduce the roll-up of interest if you choose.
  • Equity release can be used to pay off existing mortgages, provided the full amount can be cleared with the release and from other sources, resulting in no more monthly repayments!

Working together for you

We are working with Responsible Life to provide our Later Life Lending Service. They are specialists who help customers aged 55+ release money from their homes.

Passionate about finding the product that suits our customers best, they are among the front-runners in providing a comparison service, offering a range of solutions to later life borrowers.

“This is an excellent company to deal with. Everything went through exactly as described and the whole process was made as easy as it could possibly have been.”

Rated 'Excellent' by our customers on


Your Later Life Lending options

If you're a homeowner aged 55 or over, Responsible Life can compare the different lending options that are available. Releasing equity with a Lifetime Mortgage is becoming increasingly popular. But there are a couple of other mortgages which are worth considering. Responsible Life will work with you to find the best solution.

So what are the options available?


Lifetime Mortgages

If you don't want to commit to required monthly repayments and don't want to pay off your loan in your lifetime, then a Lifetime Mortgage might be suitable for you.


Mortgages in retirement

If you're happy committing to monthly repayments, Retirement Interest-Only Mortgages or other traditional mortgages might be a better fit.

Unsure of your property value?

If you are unsure of the value of your property then use the tool below - powered by Zoopla - to get an estimate.

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Lifetime Mortgages

Equity release can allow eligible homeowners aged 55 or older, to access some of the money tied into the value of their property. The most common form of equity release is known as a Lifetime Mortgage, which enables you to access tax-free cash from your home whilst still maintaining full home ownership.

Lifetime Mortgages are becoming increasingly popular, as UK homeowners look to take advantage of their property wealth to fund their later life ambitions with the option of not making any repayments during their lifetime.

If you are over the age of 55, then you could be eligible to release tax-free capital from your home, whilst retaining full home ownership.

As there are no required repayments over the course of the loan, Lifetime Mortgages do not come with the risk of repossession, though releasing equity with a Lifetime Mortgage will impact the value of your estate and could affect your entitlement to means-tested benefits.

The amount that you can borrow depends on the value of your home and the age of the youngest homeowner on the deeds.

To be eligible the youngest homeowner must be aged 55 or over, and the property must be worth at least £70,000.

Based on your personal circumstances Responsible Life will help you decide upon the plan that best suits you.

There are a number of different types of Lifetime Mortgage, based on the way you release the funds and whether or not you wish to make voluntary repayments during your lifetime.

Lifetime Mortgages have no fixed end date. The mortgage balance is due for repayment once the last homeowner on the deeds has either passed away or entered into long-term care.

Typically this is achieved via the sale of the property.

Mortgages in retirement

If you are looking to make monthly payments, then one of a number of other mortgage products could be suitable for you, ranging from traditional mortgages to Retirement Interest-Only Mortgages.

The one that is best suited to you will depend on your personal circumstances. Our Later Life Lending Service, provided by Responsible Life, will only recommend a product that works for both you and your loved ones. With these mortgages, you make a monthly payment. Do be aware that your home may be repossessed if you do not keep up repayments on your mortgage.

Whether you are looking to take out a new mortgage or to remortgage an existing loan, some traditional mortgages are still suitable for homeowners in retirement. Capital repayment and interest-only plans are available, for which you will have to show that you can afford the monthly payments both now and in the future. With the interest-only option, the balance of the mortgage will be due for repayment at the end of the term. The lender may specify a suitable method for you to repay the loan.

In contrast to RIOs, these mortgages have a fixed end date. Often, you will have to repay by a certain age.

If you are over the age of 50, you could be eligible for a Retirement Interest-Only Mortgage (RIO). A RIO can be a great way for you to borrow into retirement but keep your monthly payments to a minimum. RIOs work in a very similar way to a traditional interest-only mortgage, where you only pay the interest each month.

But, there is a key difference with a RIO:

It is typically not due for repayment until you have passed away or entered permanent long-term care.

Want to find out more?

Got a question? The Responsible Life Team are here to help

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Mon to Fri: 9am-8pm. Sat: 9am-5pm.

Royal London have chosen Responsible Life to provide our customers with advice on Later Life Lending products. The Royal London Mutual Insurance Society Limited has a 30% shareholding in Responsible Life and Responsible Lending (Responsible Group) and are part of the same group under FCA disclosure rules.

Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register ( under reference 610205.

If you choose a mortgage with required repayments during your lifetime then your home may be repossessed if you do not keep up with the payments. A Lifetime Mortgage will impact the value of your estate and could affect your entitlement to means tested benefits. Think carefully before securing other debts against your home.

To understand the features and risks, ask for a Personalised Illustration. Responsible Life’s adviser will talk through the setting up costs of a mortgage before you make any decision to proceed. Only if you choose to proceed and your case completes will Responsible Life charge an advice fee, currently not exceeding £1,690.

If you take out a product recommended by Responsible Life, Royal London Marketing Limited will receive a fee, for this introduction. If you would like further details about this fee, Responsible Life will be able to provide you with this. More information about Responsible Life and how your information is processed is available on their privacy notice. Find out how Royal London manages your personal data.

Royal London Marketing Limited is authorised and regulated by the Financial Conduct Authority, registration number 302391. Registered in England and Wales number 4414137.

Responsible Life's registered office is: Mills Bakery, Royal William Yard, Plymouth, PL1 3GE. Registered in England & Wales. Company number 7162252.