Sixty Plus

Plans from SHIP members provide important legal safeguards.

Please see here for more information.

No.

All equity release plans from SHIP members have a 'no negative equity guarantee' which means the value of the plan cannot exceed the value of your property.

Typically, no.

However, there are sometimes equity release plans where you can opt to pay some or all of the interest or repay capital if you wish.

Only a lifetime mortgage would have this facility as their are usually no monthly repayments with a home reversion plan.

The amount depends upon the age of the youngest applicant and varies between different providers and the type of plan.

Home Reversion Plans tend to release more money than a Lifetime Mortgage.

For example a 60 year old may release up to 25% of the value of their property from a Lifetime Mortgage.

That amount would be up to 30% at age 65, 45% at age 70 and 50% at age 75.

Please call us to discuss how much is available for you.

A drawdown plan is a type of Lifetime Mortgage that provides a cash reserve enabling you to release what you need as and when you need it. This can dramatically reduce the amount of interest charged.

From the time of applying for your Equity Release until you receive your funds typically takes around 6 weeks.

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 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.

Usually not.

There are, however, some circumstances where someone with medical conditions can release more money from their equity release.

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.

Yes, this is one of the guarantees provided by members of SHIP providing your new property is suitable security for an equity release plan. 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.

Yes, a lifetime mortgage is available for Buy to Let landlords and for owners of second homes.

Please see our buy to let page for more information.

SHIP represents the Equity Release product providers, i.e. the banks, building societies and insurance companies. Sixty Plus is a firm of specialist independent Equity Release advisers so we cannot be members of SHIP. However, we only recommend plans from SHIP members or from companies who provide equivalent legal guarantees.

Yes.

Your son or daughter may be asked to sign a waiver acknowledging that they do not have the right to remain in the property after you have died or moved in to long term care as the equity release plan will end at that time.

The same applies to any other relative or lodger.

Yes, most equity release plans are available under a Power of Attorney.