If you’re a homeowner aged 55 or over, equity release could be a way to unlock some of the money tied up in your home – without having to move out or sell it. And the best part? The cash you release is tax-free.

The most common type is called a lifetime mortgage. It’s a loan that doesn’t need monthly repayments, so you won’t have to struggle to pay it back. Instead, the money (plus interest) gets paid back when you pass away or move into long-term care. Usually that’s through the sale of your home.

Equity release can be a real help if you’re looking for a financial boost later in life, whether that’s to ease money worries or enjoy a bit more freedom. Just keep in mind, it will reduce the amount you leave behind. But with the industry-standard ‘no negative equity guarantee’, neither you or your loved ones will owe more than the value of your home.

There are lots of plans out there, so finding the right one really matters. That’s where our trusted equity release advisers come in. They’ll search the market to find a plan that suits your needs and help you get the best deal on interest rates.

How much you can release will depend on a number of things, starting with your property’s value and your age. To put it simply, the more your property is worth and the older you are, the more you can release - up to a typical maximum of around 50% or more. You may also be able to release more if you qualify for a medically enhanced lifetime mortgage on account of certain medical history or lifestyle choices.

Equity release providers each have different criteria and release levels. That’s why the best way to find out how much you can release is to get quotes from a number of providers. Thankfully, Compare More has made this easy for you.

Use our simple online calculator to get an initial estimate of how much you can release. You’ll also be offered the chance to talk to one of our selected specialist equity release advisers to access individual quotes from the UK’s top providers. It’s a free, no-obligation service initially: only if you go ahead with a plan will you pay an adviser fee, which can be funded from the money you release.