What is equity release
It’s a special type of mortgage with certain terms and conditions and also called a lifetime mortgage.
How old do I have to be
55.
Do I still own my home
Yes
Can I ensure some of the house goes to my children
Yes. You can ring-fence a choice of percentages to leave to your children
Can I buy a house using equity release
Yes
Do I have a monthly payment to make
You can choose to pay the interest each month or elect for this to roll up
When do I repay the loan
Only when the last of you dies, or goes into full-time residential care
Is it possible to leave my family with debt after I die
Not if you use a lender who provides a ‘no negative equity guarantee’
Can I move home if I’ve got an equity release mortgage
Yes subject to certain terms and conditions, and the lender you use
Am I able to repay it early
Yes. But penalties may apply. There are some lenders however who allow penalty-free overpayments
I don’t have much pension income now I’m retired. Can I take income instead of a lump sum
Yes. You can do both or one or the other
Are all financial advisers independent
No, but we are
How do I know I’ve got the most suitable deal for me
We are independent and will make a detailed, and fair analysis of the whole market, specific to your needs.
Do I pay tax on any lump sums, income
No. It’s tax-free
Can I keep my own buildings insurance
Yes. With certain lenders