Table of Contents
Releasing the equity Experts in your home can give you a cash lump sum or series of payments. depending upon the startup equity calculator which is the type of plan you choose. Find out more information here which may help you understand equity release a little better.
Will I still own my own home?
If you take out a lifetime mortgage you will remain the owner of your home. However, if you take out a home reversion plan. A percentage of your property will be owned by the home reversion company to who you sold your house in order to release the cash from your property. All of these plans. However, allow you to remain in your property until you and your partner pass away or move into long term care.
Will lose my home?
Taking out an equity release plan is a big decision, and making sure you release cash safely is extremely important.
Equity release advice and plans are fully regulated by the Financial Services Authority (FSA), ensuring that customers who take out an equity release plan are protected throughout the whole process. For your extra safety, we also recommend Equity Release Council approved equity release plans. All of these plans allow you to remain in your property until you and your partner pass away or move into long term care.
Who is the Equity Release Council?
The Release Council is an organisation that promotes safe equity release plans. An Equity Release Council approved plan means you get total peace of mind through their safety guarantees:
You have the right to remain in your home for as long as you choose. The freedom to move to another property without financial penalty (subject to criteria). A ‘no negative equity guarantee, so you never owe more than the value of your home.
The Council’s code of conduct requires that customers must take professional advice. We think it’s important that this advice is completely independent and not tied to any particular equity release Experts provider. As well as searching the whole of the market, we’ll give you straightforward and clear advice. Even telling you if the equity release isn’t right for you.
Can I change my equity release plan?
If you have already taken out an equity release plan then you may be eligible to change to a more competitive plan. Read more about switching your equity release plan to see whether you are eligible. You may even be able to release more cash if your home has increased in value.
What Happens if I decide to move into long term care?
Moving out of the property into a care home, the equity release plan will come to an end. meaning your house will be sold and the debt will be repaid in full to your equity release provider. If you are a couple and only one of you moves into care, your partner can remain in your home until they pass away or move into long term care too. Equity Release Experts gives you to correct navigation in your home.
In another case you live in your home and receive domiciliary care, then the equity release plan will continue. Allowing you to remain in your home until you pass away.
