Equity Release FAQ

 

Equity Release FAQ

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  • What are the key differences between a lifetime mortgage and a home reversion plan?
  • Why are lifetime mortgages more popular?
  • Do you still own your home and can you live in the property for the remainder of your life?
  • What is the risk of you losing your home? If in default would the lender seek possession?
  • Is equity release regulated? And are there any safeguards?
  • How much can I borrow with equity release?
  • Can I still take out an equity release plan if I have an outstanding mortgage?
  • What are the most common reasons for seeking equity release? Are there any restrictions?
  • What if I have other occupants living in my property? Eg my partner, or children, etc?
  • Can I still leave an inheritance with equity release? Are you able to ring-fence any of the property value?
  • Will my entitlement to means-tested benefits be affected?
  • Can you pay back equity release early?
  • Can I change my equity release plan? If my property increases in value or better terms become available?
  • What happens to my equity release plan if I enter long-term care?
  • What happens at the end of equity release? When the borrowers go into full-time care or sadly pass away how much support and flexibility do lenders offer in respect of the outstanding mortgage?
  • How will releasing equity affect family members?
  • How much does equity release cost? What are the fees associated with it commonly?
  • What are the most common problems with equity release in terms of rejections and/or delays?
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Equity Release FAQ

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The content of the blog, podcast, video, and/or show is for information purposes only, and does not constitute advice.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY. SOME BUY-TO-LET MORTGAGES ARE NOT REGULATED BY THE FCA. EQUITY RELEASED FROM YOUR HOME WILL ALSO BE SECURED AGAINST IT.