Equity release offers a distinct advantage over traditional mortgages, retirement interest-only (RIO), or retirement mortgages, as lenders don't assess your income or expenditure. With lifetime mortgages, where repayments are optional, there are no affordability assessments, making it a flexible option.
Lenders are generally more lenient regarding poor credit history, though eligibility depends on the severity of the situation and the lender's terms and conditions. While equity release may still be accessible with adverse credit history and CCJs, individuals facing bankruptcy may not qualify. It's essential to consider the specific criteria of each lender when assessing your eligibility.
To understand better if you’ll qualify and be able to get equity release
