Hodge Equity Release Review

Is Hodge Equity Release Right for You?
Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui
Are You Looking to Fund Your Retirement With Hodge Equity Release? Learn About the Pros, Cons, Interest Rates & Schemes. Get All the Answers You Need Right Here.

Before You Start Reading…

How Much Can You Release? 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Safe & Fast

Featured In
yahoofinance marketwatch

Is Hodge equity release the best?

I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release provider with all the choices available.

Which company is best for equity release?

The companies we profile, are the best in the business to help you unlock the cash tied into your home.We’re here to help you:

  • Understand the services that Hodge offers.
  • Determine if they might be able to assist you and your family on your equity release journey.

Let’s find out NOW!

As experts in the equity release field (we’ve reviewed more than 250 schemes!), we’ve combed the market, researched all equity release service providers and narrowed it down to who’s on top.

Is Hodge the ideal equity release loan company to assist you and your family?

TABLE OF CONTENTS

What’s Equity Release?

An equity release mortgage1 is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care.

Who Are Hodge?

Hodge Lifetime is the UK’s oldest equity release provider, having created the first equity release programme1 in 1965.

Julian Hodge Bank Limited provides its services.

What About the Hodge Equity Release Calculator?

Before you consider using the Hodge calculator, please take note.

Our providers can almost always match & BEAT any existing equity release quote that you find through Hodge.

So first use this calculator below & see how much you can release.

How Much Can You Release?

Use the Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Safe & Fast

Featured In
yahoofinance marketwatch

Why Consider Hodge?

Hodge Lifetime is a leading innovator in the post-retirement mortgage industry and the first to offer a mortgage specifically designed to allow homeowners to take their borrowing into retirement.

They continue to narrow the gap between residential & retirement mortgages with the new Hodge Lifetime 50+ Residential mortgage.

An interest-only mortgage2 available to borrowers who are 50 years and older.

Hodge Lifetime is a trusted provider of retirement products since its inception in 1965 and in 1991 were a founding member of the trade body SHIP (Safe Home Income Plans).

Known today as the ECR (Equity Release Council).

Hodge Lifestyle is most well-known for balancing solid products with social responsibility, intentionally fostering a strong connection with charity and social causes.

Hodge Bank Reviews & Ratings

How Did We Review Hodge?

We reviewed Hodge by gathering all the latest information available about it.

This information was then thoroughly researched, vetted and then added to this review for your ease of reference.

Our review of Hodge is independent, and we are not affiliated with it.

Hodge Complaints

If you’re dissatisfied with Hodge and want to make a complaint, the greatest place to do so is on their website.

They are concerned about their clients and will route you to the appropriate department if possible.

The alternative option, if you choose to use a review site like Trustpilot3 or Feefo4, is to provide an assessment.

Pros & Cons

Pros

  • Plans available for 50+.
  • Repayment plans are available.
  • Possible early repayment charges.
  • Plans can be transferred to a new property.

Cons

  • Affordability checks are required.
  • You can only borrow from £20,000 (instead of £10,000 with many other plans).

Editor’s Rating: 4.88

Hodge’s Qualification Criteria

  • Minimum Amount of Equity Offered: £20,000
  • Maximum Amount of Equity Offered: £1.5 million
  • Minimum Age Limit: 50
  • Maximum Age Limit: 95
  • Property Minimum Value: £70,000
  • Proof of Income: Required

Hodge’s Equity Release Scheme Reviews

Hodge offers a unique set of plans, including mortgages for 50+ and Retirement Interest-Only Mortgages.

Hodge 50+ Lifetime Mortgages

With the Hodge 50+ Mortgage Range, the homeowner pays the interest on the loan each month.

The amount of equity the homeowner can borrow depends on their income and expenditure, and the borrower has the option of customising their repayment plan.

The maximum duration for the Hodge 50+ Residential Mortgage is up until the youngest borrower reaches the age of 95.

The minimum period is 5 years, and the duration for this product is defined at the beginning, so the homeowner is required to return the loan capital at the conclusion of that time.

Selling other available properties, utilising investments, or moving to a more modest property are all examples of appropriate repayment strategies5.

In contrast to equity release plans, there are no safeguards in place with this mortgage product if the borrower is unable to make payments.

Therefore, homeowners must be certain that their income will be substantial and consistent enough to satisfy their payment commitments.

If a single applicant dies before the end of the term, the mortgage must still be repaid, generally through the sale of the home.

On joint applications, the mortgage will be continued in the survivor’s name.

Hodge RIO Fixed Mortgages

The homeowner pays the interest on the loan each month with the Hodge Lifetime 50+ retirement interest-only mortgage.

The amount accessible to the borrower is directly proportional to their income and ability to repay.

There is no maximum term for the Hodge 50+ RIO Mortgage as it will run for the duration of the last surviving homeowner.

However, if the homeowner does not keep up with payments, their house may be in jeopardy.

If a single applicant dies before the end of the term, the mortgage must still be repaid, generally through the sale of the home.

On joint applications, the mortgage will be continued in the survivor’s name.

Under the Hodge Lifetime range of RIO Mortgages, early repayment charges (ERCs) are always set.

Early repayment penalties6 are established for the duration of the fixed or variable term deal (e.g. 2 or 5 years).

Hodge Features

With Hodge, more borrowing may be available, but availability and approval are not guaranteed.

The available amount is closely connected to the homeowner’s capacity to afford the larger loan amount and will thus go through the same affordability verification procedure.

The mortgage can also be moved to a new house as long as appropriate security is provided.

Finally, they offer mortgages in a range of fixed and variable interest rates.

Hodge’s Scheme Equity Release Interest Rates & Schemes Compared

Are you looking for a specific equity release scheme?

These are some of the schemes offered or covered by Hodge.

[Schemes_Query]

Not what you’re looking for?

Have a look at all the equity release schemes available on the market, with our easy-to-use table or compare the equity release rates!

What Are Hodge’s Fees?

Hodge fees may include an application fee.

It may also offer you a free valuation; however, sometimes providers charge for this depending on your plan.

Learn More About Hodge

Since 1965, the equity release company has specialised in the retirement market.

Its built up a wealth of knowledge and a good reputation for caring about its customers.

While being on the cutting edge of innovation in its core retirement lending sectors.

The retirement financing and income markets are the main focus of Hodge Lifetime’s strategy.

These items are well-suited to one another, and Hodge has extensive expertise in these domains.

It is the firm’s goal to provide the most competitive annuity rates available.

It also has one of the most diverse portfolios of retirement financing solutions, ensuring that it can meet practically every demand.

FCA Details

FCA Address

One Central Square

Central Square

Cardiff

South Glamorgan

CF10 1FSC F 1 0 1 F S

UNITED KINGDOM

Trading Names

  • Hodge Bank
  • Hodge
  • Hodge Lifetime
  • Julian Hodge Bank Limited

FCA Permitted Services

  • Banking
  • Mortgage & Home Finance
  • Consumer Credit
  • Investments

Regulators

  • Financial Conduct Authority (FAC) ¹
  • Financial Services Authority Now the Prudential Regulation Authority (PRA) ¹

Registration Numbers

  • FCA Ref Number: 204439
  • FCA Reg Number: 743437

FCA & Companies House Link

Hodge Contact Number

Got Questions

Is Hodge a Member of the Equity Release Council?

What Are Hodge Equity's Interest Rates?

Who Owns Hodge Equity?

Hodge Jobs?

Where is Hodge Equity Located?

Does Hodge Do Equity Release?

Is Hodge Equity Release Safe?

Conclusion

So here’s the scoop – our intention is to help you by finding the best Hodge equity release lifetime mortgage so that you can spend the money on something that you really want, rather than on a high tax bill.

Before You Go…

Use the FREE Calculator Below 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Safe & Fast

Featured In
yahoofinance marketwatch

Editorial Note: This content has been independently collected by the SovereignBoss team and is offered on a non-advised basis. SovereignBoss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.