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QUESTIONS & ANSWERS
Below are some of the questions we get asked most regularly.
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Equity Release allows homeowners over the age of 55 to release the equity in their homes, but still allowing them to live there for as long as they wish. You can use the money for whatever purpose you like including home improvements, paying off debts, improving your lifestyle, financial security and funding care in the home.
Equity Release is available to homeowners aged 55 and over. Feel free to contact us on 01204 884545 if you would like further details. Alternatively use our Equity Release calculator.
Your home may qualify for a Lifetime Mortgage or a Home Reversion Plan providing it is of standard construction and you live in England or Wales. Lifetime Mortgages are available to residents of Scotland and Northern Ireland.
The amount of equity you can release will depend on the current value of your property and the age of the youngest applicant. Please use our Equity Release calculator to get an estimated figure of how much you could release from your home.
With the Lifetime Mortgage plan you will retain full ownership of your property. With the Home Reversion plan you effectively sell all or part of your home to the lender. We will spend time with you to help you decide which plan best suits your needs.
One of the main benefits of Equity Release is that you can remain living in your home until death or you both move out into a care facility. One of the guarantees that ERC provides (this is an independent organisation that specialises in equity release and sets strict standards to protect customers) is that you will never find yourself in a “negative equity” situation. This means that even if the interest accumulates up to the value of the property, you will never owe more than what your property is worth at the time of sale. We will discuss this in detail with you during our meeting.
With a Lifetime Mortgage you may be able to borrow more at a later date depending on lending criteria at the time. With a Home Reversion plan, providing you haven’t sold 100% of your home in the first instance you will likely be able to borrow more at a later date.
Equity Release is authorised and regulated by the Financial Conduct Authority for both Lifetime Mortgages and Home Reversion plans. All plans offered are regulated by ERC (Equity Release Council). This is an independent organisation that specialises in equity release and sets strict standards to protect customers. All ERC approved Equity Release plans come with a standard set of safety guarantees which include: – Stay in your property for life, as long as the property is your main residence. – Move your plan to another suitable property without any financial penalty, subject to criteria. – Guarantee you’ll never fall into negative equity. This means you will never owe more than the value of your home and no debt will ever be left to your estate.
We aim to offer you a solution that fits your personal circumstances from our panel of lenders. Even so, we recognise that equity release isn’t for everyone. Therefore we will take the time to listen to your needs and concerns and if we think it’s not right for you, we’ll tell you.
Equity Release could effect your family’s inheritance. With this in mind we take great care to ensure you are fully informed at every stage and you may wish to involve your family in the process so that they are aware of the implications. It is possible to guarantee a percentage of your inheritance. We will discuss this with you in detail.