- FAQ
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Home equity release is a way for homeowners to access the equity they have built up in their property, without having to sell their home.
Home equity release involves taking out a loan against the value of your property. The loan is typically repaid when you sell your home or pass away.
Home equity release is typically available to homeowners who are aged 55 or older and have significant equity in their property.
Home equity release can provide homeowners with a source of income or a lump sum of cash, while allowing them to continue living in their home.
Yes, there are risks associated with home equity release, including potential negative equity and reduced inheritance for your heirs.
t’s important to speak with a financial advisor to determine if home equity release is the right option for your individual financial situation.
Yes, many home equity release plans allow you to move house and transfer your plan to your new property.
It’s important to speak with a financial advisor to determine if home equity release is the right option for your individual financial situation.
Yes, many home equity release plans allow you to move house and transfer your plan to your new property.
Yes, home equity release is regulated by the Financial Conduct Authority (FCA) to ensure that homeowners are protected.
To get started with home equity release, you should speak with a financial advisor or equity release specialist who can guide you through the process and help you find the right product for your needs.
The process of Equity Release
Initial Consultation
The process begins with an initial consultation where the adviser gathers information about the client’s financial situation, goals, and circumstances. This information helps in determining whether equity release is a suitable option.
Property Valuation
An independent surveyor is appointed to assess the value of the property. This valuation is crucial in determining the maximum amount that can be released.
Product Recommendation
Based on the client’s requirements and the property valuation, the adviser recommends the most suitable equity release product. This could be a lifetime mortgage or home reversion scheme, tailored to the individual’s needs.
Application and Approval
Once the client decides to proceed, the application process begins. The lender conducts thorough checks and, if approved, the funds are released.
Repayment
For lifetime mortgages, the loan and interest are typically repaid from the sale of the property after the homeowner’s passing or move to long-term care.
In the case of home reversion, when the property is sold, the reversion company receives its share, and the remainder goes to the homeowner or their beneficiaries
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