Frequently Asked Questions
To help you initially here are a selection of questions and answers I am frequently asked when discussing equity release with my clients. I will be more than happy to elaborate with you in more detail
What is Equity Release?
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.
How much equity can I release?
The amount of equity you can release will depend on the current value of your property and the age of the youngest applicant.
Will I still own my own 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.
Can I continue to live in my home after releasing equity?
One of the main benefits of Equity Release is that you can remain living in your home until you or the second person has passed away or you both move into long term care.
How flexible are equity release plans?
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.
Is equity release regulated?
Equity Release is authorised and regulated by the Financial Conduct Authority for both Lifetime Mortgages and Home Reversion plans.
How can I be sure equity release is right for me?
We aim to offer you a solution that fits your personal circumstances from our panel of lenders. However, we recognize 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.
How may proceeding with an equity release plan affect my family?
Equity Release could affect 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.