As many equity release schemes can last decades, it is a good question that is worth asking. Those who have a Prudential Equity Release remortgage might want to know whether or not paying back this mortgage is going to cost a penalty or not.
The answer is that it most likely will. However, this does not mean that it isn't worth checking with a Prudential investment advisor. The specifics of everyone's situation is different, and while it is likely to be true that there is some penalty, it is often worthwhile to take that penalty if early repayment is possible.
There are also some causes in the equity release contracts that might make it easier to repay the mortgage. For example, if the house has been sold, or the person who took out the equity release is going into long term care, often this allows the holder to repay the mortgage with little, if any, penalty.
The fine detail of the contracts mean that it is best to call a Prudential investment advisor and discuss what the options are. Be sure to ask what the total amount paid in interest will be, and compare that to the penalty.
It could be that, while the penalty is large, the interest on the equity release is greater in the long run anyway. By calling the investment advisor, you are likely to get the best idea of what is possible for your circumstance.