Equity release FAQS
We have listed some of the most frequently asked questions here - we treat each enquiry individually and on a personal one to one basis. Call our advisers on 0800 019 7449 to see if equity release is right and to get a more personal view of your current situation. All information is under the strictest of confidence.
Do I qualify for equity release?
You will usually qualify for a plan if you and your partner are aged between 55-95 years old. You own your own home, valued at £50,000 or more with little or no mortgage and you are not a bankrupt.
How cash can I borrow?
The amount of cash available to you varies based on your age, property value and type of scheme you choose. The amount an equity release provider offers varies and it's essential to get independent financial advice as your adviser will look around for the best deals in terms of cash and fees charged.
Can I move home in the future?
If you intend to move home equity release is unlikely to be right for you now. However if you want to know you can move in the future, the answer is all schemes provide the right for you to sell your home and also to remain in your home for your lifetime. If you do decide to sell you will be required to repay your equity release plan to the provider.
How is my home’s value assessed?
Your property will be surveyed by an independent surveyor to ascertain the true value of your home. This is usually arranged by your independent adviser or the equity release provider. Some schemes require you to pay for this service upfront. Our advisers will discuss your home's value during our first meeting and help provide an indication of its price if you are unsure.
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Would my state benefits be affected?
Depending on which benefits you receive, your entitlement may be affected by releasing cash from your home. Our advisers will discuss this with you before you make an application to assess your entitlements and eligibility.
Will my family have a debt when I die?
No, all plans we recommend are SHIP ( Safe Home Income Plans) approved, meaning there is a no negative equity guarantee. This means the total debt you or your family pay will not be greater then the value of the property when sold.
What happens if my partner dies?
All equity release plans recommended by ourselves are based on a joint application giving both you the right to live in the property for as long as you wish.
When is the plan repaid?
The provider will be paid on death of all applicants or if redeemed earlier for any reason, such as going into long term care.
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Can I still leave my family an inheritance?
Yes, the value remaining in your home after the plan is repaid will pass to your estate, however this could reduce to nothing depending how long you live and how you borrow at outset. Schemes are available to give you the option to guarantee an inheritance in these circumstances.
Can I use equity release to buy long term care or an annuity?
Yes, our independent advisers will discuss the most appropriate method of raising the money AND provide an independent service to assist with purchasing an annuity and long term care insurance if required.
