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Our Guide
Empowering You With Knowledge
Our guide is a treasure trove of valuable insights to help you understand and navigate the world of equity release with confidence.
Discover the benefits and considerations, explore different options, and gain clarity on the entire process.
Whether you are a beginner or looking to deepen your knowledge, our guide is designed to empower you with the information you need to make informed decisions about equity release.
Get ready to unlock new possibilities for your financial future.
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 too!
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.
What Is Equity Release?
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 outset.
How Does Equity Release Work?
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.
Do You Still Own Your House With Equity Release?
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.
Is Equity Release Regulated?
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.
Who Is Eligible for Equity Release?
To be eligible for equity release, you must be a homeowner aged 55 or over and have a property that’s 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.
Keeping You Informed
Our Latest Articles
Stay up-to-date with the latest equity release and later-life finance news and insights by exploring our collection of informative and engaging articles.
