Equity Release Over 60
Equity release is available from age 55, and at 60 the loan amounts available start to become more meaningful.
Independent introduction serviceAccess to specialist lendersNo obligation
Get Indicative TermsGet indicative terms - free, no obligation
Doulton Money Limited · No obligation enquiry
What happens next
- Fill in the form (2 minutes).
- We'll match you with the right specialist for your situation.
- A specialist independent broker will contact you to discuss your options.
Important: Equity release is a long-term commitment and will reduce the value of your estate. It may affect entitlement to means-tested benefits. Independent financial and legal advice is required. The specialist brokers we work with source plans from Equity Release Council approved lenders. Your home may be repossessed if you do not maintain required payments on a secured loan.
About Equity Release Over 60
At 60, a standard lifetime mortgage typically releases 25-30% of your property value. Drawdown plans are particularly cost-effective at this age - holding a reserve you draw only when needed, reducing unnecessary interest. We introduce you to equity release specialists who are qualified to advise you on the right plan for your circumstances at 60.
The options available
How Much Can I Release at 60?
At 60, equity release typically releases 25-30% of the property value. On a £300,000 property, this suggests £75,000-£90,000 available. Drawdown plans hold a larger reserve and draw only what is needed - minimising unnecessary interest.
Drawdown at 60
At 60, a drawdown lifetime mortgage is particularly cost-effective - the reserve grows in value as the property appreciates, and interest is only charged on amounts actually drawn. This is the preferred structure for most 60-year-old equity release applicants.
RIO vs Equity Release at 60
At 60, if your income can service monthly interest payments, a Retirement Interest Only (RIO) mortgage typically preserves significantly more equity than a lifetime mortgage. The interest rate on a RIO is similar but no roll-up occurs. A specialist adviser can explain both options.
Legal & General at 60
L&G offers competitive drawdown plans at 60 with fixed interest rates for life. Their market-leading position and 2026 award win make them a strong starting point for comparison.
Aviva at 60
Aviva's Lifestyle Flexible Option at 60 - initial lump sum from £10,000, cash reserve from £5,000. Voluntary repayments up to 10% per year. 25+ years of track record.
Enhanced Plans at 60
Health conditions may qualify for enhanced plans even at 60 - releasing more than a standard plan. Just and More2Life assess health conditions regardless of age.
How It Works
60-year-old specific assessment
At 60, equity release vs RIO comparison is important. The specialist adviser models both with full interest projections and estate impact before any recommendation.
Specialist comparison
The specialist compares ERC-approved lenders for age 60 - Aviva, Legal & General, Just, Canada Life, More2Life, and others.
KFI and legal advice
Standardised illustration. Independent solicitor required.
Speak to our later life lending specialists
Call 0204 6211776 · Introductions to later life lending specialists
Rates for equity release at 60
| Product type | Rate range (AER) |
|---|---|
| Standard lump sum lifetime mortgage | 6.8%–7.5% |
| [Drawdown lifetime mortgage](/later-life-lending/drawdown-lifetime-mortgage) | 6.5%–7.3% |
| [Enhanced lifetime mortgage](/later-life-lending/enhanced-lifetime-mortgage) | 5.8%–6.8% |
| [RIO mortgage](/later-life-lending/rio-mortgage) | 5.0%–6.0% |
Who qualifies for equity release at 60?
- Age 60 or over (both applicants if joint)
- UK residential property valued at £70,000–£100,000 minimum (lender dependent)
- Property is your main residence
- Standard construction preferred; some non-standard accepted
- No income requirement for roll-up lifetime mortgages
- Credit history rarely a barrier for roll-up plans
Why the age of the youngest applicant matters
On a joint equity release application, the maximum LTV is calculated based on the younger applicant's age. This is because the lender must plan for a potentially longer period before the property is sold - the loan continues until the last surviving borrower dies or moves into care.
If one applicant is significantly younger than the other, this can reduce the available release amount. In some cases it is worth exploring whether a sole application makes sense - though this requires independent legal advice and careful consideration of the implications for the younger partner.
Frequently asked questions
Is 60 too young for equity release?
60 is not too young - it's the lower end of the most common age range for equity release. However, at 60 the loan amount available is lower than at 70 or 80 (because the lender expects a longer loan period). This means the alternative - a RIO mortgage - is often more appropriate at 60 than at older ages. A specialist adviser can model both before making a recommendation.
How much equity release can I get at 62?
At 62, equity release LTV is typically 26-31% of property value depending on the lender. A £250,000 property at 62 might release approximately £65,000-£77,500 on a standard plan. Enhanced plans for qualifying health conditions release more. The specialist you are introduced to can obtain live illustrations for your specific age and property.
Should I wait until I'm 65 before taking equity release?
Waiting until 65 typically increases the available amount by 5-8 percentage points of property value. Whether waiting is worthwhile depends on your circumstances. If you need the money now, waiting costs you the use of the capital. If you can wait and the additional amount is significant, it may be worth deferring. A specialist adviser can model both scenarios.
Can I take equity release at 60 and still work?
Yes - being in employment does not affect equity release eligibility. Equity release is assessed on age and property value, not income. However, for clients still in employment at 60, a standard mortgage or RIO may be more cost-effective than equity release.
What happens to equity release if my property goes up in value after I take it?
The equity release loan is fixed at the amount borrowed. If your property value increases, your equity (the difference between property value and loan balance) may increase - partly offsetting the effect of interest roll-up. Property value increases after taking equity release benefit your estate, not the lender.
Is equity release at 60 better than at 55?
Waiting to 60 means a slightly higher percentage release and five fewer years of interest compounding. For roll-up plans where the balance grows over time, starting later generally means a smaller debt burden when the property is eventually sold.
Will equity release affect my pension?
Equity release proceeds are tax-free and do not affect state or private pension income. However, if the cash takes you above means-tested savings thresholds, it could affect benefits such as Pension Credit.
Can I still get a mortgage at 60?
Yes. Retirement interest only mortgages are available at 60 and require monthly interest payments. Some mainstream lenders also offer standard mortgages at 60 subject to income and affordability assessment. Equity release is one of several options a specialist can explore with you.