How long does an Equity Release application take?
From the time of applying for your Equity Release until you receive your funds usually takes around 6 weeks.
Will it affect my state benefits?
Equity Release can affect means tested benefits such as Pension Credit, Savings Credit and Council Tax Credit.
This doesn’t mean you shouldn’t take an Equity Release plan but it means it is important to understand the impact it may have.
We can help you in this respect and it is often possible to take sensible measures to avoid losing any of your benefits.
Your state pension is not affected.
Are there any medical questions?
Usually not.
There are, however, some circumstances where someone with a medically reduced life expectancy (also known as impaired life) can release more money or, with a Home Reversion, obtain a better purchase price.
Can I repay an Equity Release plan, for example if I want to sell up and downsize?
With a Lifetime Mortgage, yes you can.
It is important to discuss this when seeking advice because it has different implications from plan to plan. Most plans have some form of early repayment charge but there are options with no such charge.
Can I move house after taking Equity Release?
Yes, this is one of the guarantees provided by members of SHIP providing your new property is suitable security. However, this will be subject to the maximum amounts available at the time you want to move. It is important to discuss this with your adviser if you intend to move house in the future.
Any other questions?
Please call us or email if you have any other questions regarding Equity Release.
Ask for a free Equity Release
guide or call free on 0800 018 5753
