FAQs

Yes. With some plans you can guarantee a percentage of your home’s future value as an inheritance.

Yes, however, you will need to repay the mortgage using the money released. Any funds left over can be spent however you like.

Yes. With a lifetime mortgage you are in control and can live there as long as you want to. However, with a reversion plan the reversion company will own all or part of the property, although you can live in it for the rest of your life.

Yes. With Equity Release Council approved plans your plan can be transferred to a new home (subject to criteria).

With plans approved by the Equity Release Council, you will never owe more than the value of your home.

You will be responsible for all repairs and maintenance.

Yes. You have the right to repay your equity release plan early if you wish, however early repayment charges may apply. These will be outlined prior to you taking out your equity release plan by your adviser.

No, you can use it for anything you like – but think carefully about how much you need to borrow.

Your home will be sold once you and your partner have died. The sale proceeds will be used to repay the amount you owe and any money left will go to your estate.

If one of you needs care in your home, this is not likely to affect the terms of your plan. Similarly, if one of you leaves to go into a care home, the other can continue to live in the property and your plan is not normally affected. However, the plan will usually end if both of you have to leave to go into a care home. You will not have to pay early repayment charges, as the plan will just end when the
property is sold.

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