FAQ
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We know that equity release and later-life finance can be complex topics, so we have put together this handy guide to answer some of the most common questions we receive.
While we strive to provide you with accurate and up-to-date information, please keep in mind that speaking with a professional equity release advisor or broker is the only way to get personalised advice for your specific situation.
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FAQ
Your Questions, Our Answers
Everyone has questions about equity release and later-life finance.
That is why we are here, and likely why you are here!
We understand that making important financial decisions can be daunting, which is why we have compiled a list of the most frequently asked questions to help you navigate the world of equity release with ease.
Equity release, in simple terms, is a financial product that enables homeowners who are aged 55 and over to release a portion of the equity in their property as tax-free cash.
There are many facets to equity release which is why it is imperative to seek professional advice from an equity release advisor or broker from the get-go.
Equity release works by allowing homeowners to access the value of their primary residence without having to sell it or move out.
There are two types of equity release plans: lifetime mortgages and home reversion plans.
With a lifetime mortgage, you borrow against the value of your home and the loan is repaid when you pass away or move into long-term care.
With a home reversion plan, you sell a portion of your home to a provider in exchange for a lump sum or regular payments.
Yes, with a lifetime mortgage, you still own your home, and with a home reversion plan, you retain a portion of the ownership.
With a lifetime mortgage, the lender will have a legal charge on the property until the loan is repaid – which is usually when you pass away or move into long-term care.
With a home reversion plan, you sell a portion of the ownership of your property, but you are still able to live in it for the remainder of your life or until you move into long-term care.
It is important to understand the details of both options and consult with a qualified equity release advisor before making any decisions on this form of borrowing.
Yes, equity release is authorised and regulated in the UK by the Financial Conduct Authority (FCA) to ensure that providers offer fair and transparent products to consumers.
In addition, equity release providers that are members of the Equity Release Council must follow a strict code of conduct which exists to protect consumers.
To be eligible for equity release, you must be a homeowner aged 55 or over and have a property that is worth at least £70,000.
The amount of equity you can release depends on your age, the value of your property, and your health and lifestyle.
Before deciding to go ahead with equity release, you are required to seek professional advice from a qualified equity release advisor or broker.
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