Many people assume that equity release becomes harder to access as they get older. In practice, the opposite is often true. If you are in your 70s, you may find you can release more from your property than you could have a decade ago - and with a wider range of products available to you than ever before.

This guide explains what equity release looks like specifically for people over 70, what changes at this stage of life, and what to think carefully about before proceeding.

Can you get equity release if you are over 70?

Yes. There is no upper age limit for equity release with the majority of lenders, and being in your 70s is in many respects the most common age range for people taking out a lifetime mortgage. Most lenders require applicants to be at least 55, and some set a minimum of 60 - so by your 70s you are well within the eligible range.

How much can you release if you are over 70?

The amount you can release through a lifetime mortgage increases with age. This is because lenders calculate the maximum loan based on how long the plan is likely to run - and the older you are, the shorter that period is expected to be.

As a rough guide, someone in their early 70s might typically be able to release around 35 to 40% of their property's value. By the mid to late 70s, that figure can rise to 45% or more. These are illustrative figures and the actual amount will depend on your age, the value of your home, your health, and the lender.

Does your health affect how much you can release?

Yes - and this is worth knowing, because many people are not aware of it. If you have certain health conditions or lifestyle factors - such as high blood pressure, diabetes, heart conditions, or if you smoke - you may qualify for what is known as an enhanced lifetime mortgage.

Enhanced plans are offered by a number of lenders on the basis that a reduced life expectancy statistically shortens the time the loan is outstanding. This allows lenders to offer a higher release amount. For some applicants in their 70s with health conditions, this can make a meaningful difference to what is available.

Your adviser will ask about your health as part of the fact-find process and will check whether enhanced options are available to you.

What are the advantages of taking equity release in your 70s?

There are a few genuine advantages that come with being older when you apply.

The first is access - as explained above, you can typically release a higher percentage of your property's value than you could at 55 or 60.

The second is product quality. The equity release market has changed significantly in recent years. Modern lifetime mortgages from Equity Release Council members come with important consumer protections built in - including a no negative equity guarantee, which means you can never owe more than your home is worth, and the right to make voluntary repayments without penalty on most plans.

The third is clarity of purpose. Many people who take equity release in their 70s have a specific use in mind - supplementing retirement income, funding home adaptations, helping children or grandchildren, or covering care costs. Having a clear plan for the money tends to lead to better outcomes.

What should you think carefully about in your 70s?

Equity release is a long-term financial product, and the considerations do not change simply because you are older.

Interest still compounds over time. Even if a plan runs for a shorter period than it might for a younger applicant, the balance will grow if no repayments are made. It is important to understand the long-term projections, not just the release amount.

The plan will reduce the value of your estate. If passing on an inheritance is important to you, it is worth discussing inheritance protection options with your adviser. Many modern plans allow you to ring-fence a percentage of your property's value for your beneficiaries.

You should also consider whether anyone else lives in your home. If you have a partner, they should be included on the application. If you have a family member or carer living with you, it is worth understanding how the plan would affect their position if you were to pass away or move into care.

Is equity release the right option for over 70s?

It can be - but it depends entirely on your individual circumstances, your goals, and what alternatives are available to you. Downsizing, using savings, or exploring state benefit entitlements may be worth considering alongside equity release. A good adviser will not simply recommend equity release because you qualify for it - they will look at the full picture and only recommend it if it is genuinely the right solution for you.

How Aspect Mortgages can help

Aspect Mortgages is a member of the Equity Release Council, and Richard, Rachel, and Neil are each individually registered members and qualified to advise on equity release. Richard holds the Advanced Certificate in Mortgage Advice and Practice (Adv CeMAP) and the Certificate in Regulated Equity Release (CeRER). Rachel holds the Certificate in Mortgage Advice and Practice (CeMAP) and CeRER. Neil holds the Certificate for Financial Advisers (CertPFS) and the Certificate in Mortgage Advice (CertCII(MP)).

Call us on 01257 812345 or visit our equity release page for a no-obligation conversation about your options. We offer appointments in your own home, by video call, or at our Chorley office - whichever suits you best.