Frequently Asked Questions
- Q: Can I move home in the future?
- Yes. Any equity release plan that we recommend will leave the option for you to move house in the future. However your new property will need to be approved by the equity release plan provider and they will have their own set of terms and conditions to be met.
- Q: Can I release equity from a retirement property or second home?
- It may be possible to release equity from a retirement property or second home. Please contact us on 0800 988 1289 so we may assess your situation and give a correct answer.
- Q: Do I qualify for equity release?
- You will usually qualify for an equity release plan if:
- You and your partner are aged between 55-95
- You own your home with little or no outstanding mortgage
- Your home is worth £50,000 or more
- Q: How long will it take to release the cash?
- It depends on the individual equity release plan, but it usually takes between 8-12 weeks from application to completion.
- Q: How much cash would be available to me?
- This depends on your house value and your age at the time of application. The amount available through an equity release plan varies from provider to provider so it's essential to get independent financial advice to get an idea of the amount of cash available to you.
- Q: How will the value of my home be assessed?
- Your property will be valued by an independent chartered surveyor to ascertain the true value of your property. The equity release plan provider will normally arrange someone to perform the valuation on your behalf.
- Q: I've completed an equity release plan and would like to release more cash. Can I get a top up?
- Possibly. It depends on your current equity release plan and the amount you have already released. Contact us to find out whether a top up would be available to you.
- Q: What happens if I want to repay the equity release loan?
- Equity release plans are not designed to be repaid until the death of the last surviving partner or their entry into long term care. Early repayment charges may apply on lifetime mortgages if you repay the loan before this time. Reversion plans can't usually be reversed because you sell a portion of your home to the reversion provider in return for a tax free cash lump sum and lifetime lease.
- Q: What happens if my partner dies?
- Any equity release plan recommended by The Equity Release Bureau gives you both the right to stay in your home for as long as you wish.
- Q: What happens if the value of my house changes?
- If the value of your house should fall you are protected by a 'no negative equity guarantee' which ensures that you would never owe more than the value of your home. If house prices rise you would benefit unless you had released 100% of the value of your property with a home reversion plan.
- Q: Will my children or grandchildren end up with debts?
- No. Any plan we recommend will come with a no negative equity guarantee so you would never owe more than the value of your home.
- Q: Would my state benefits be affected?
- Releasing cash from your home could affect your entitlement to state benefits. The Equity Release Bureau will be able to find out whether you are entitled to benefits and whether equity release would affect any entitlement.
