[vc_row rt_row_background_width=”default” rt_row_content_width=”default” rt_row_style=”default-style” rt_overlap=”true” rt_row_paddings=”true” rt_bg_effect=”classic” rt_bg_parallax_effect=”1″ rt_bg_image_repeat=”repeat” rt_bg_size=”cover” rt_bg_position=”right top” rt_bg_attachment=”scroll” rt_row_borders=”bottom”][vc_column width=”1/1″][vc_column_text]Below are some of the most common questions asked about equity release. They are not exhaustive, and the answers are only general. Please ask us if you think of anything else you need to know.[/vc_column_text][vc_accordion style=”numbered” first_one_open=”” id=””][vc_accordion_tab title=”Are there any restrictions on what I can do with the money I raise? ” icon_name=”icon-info”][vc_column_text]No, you can use it for anything, but consider carefully how much you need to borrow. The more you borrow, the more interest will build up. This will increase the sum that has to be paid back to the lender when the property is sold.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Will I be able to raise more cash from my home in the future?” icon_name=”icon-info”][vc_column_text]Possibly, depending on the type of loan you have and whether there is still enough equity in your home. You would need to speak to the lender or reversion company.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Will I still own my home?” icon_name=”icon-info”][vc_column_text]Yes, if you take out a lifetime mortgage. But with a reversion scheme, the reversion company will own all or part of the property, although you can live in it for the rest of your life.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”What happens if the value of my home falls? ” icon_name=”icon-info”][vc_column_text]Nothing. The lender or reversion company takes this risk, as long as you have kept to the terms and conditions of the mortgage.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Could I ever owe more than the value of my house?” icon_name=”icon-info”][vc_column_text]No. All the lenders we recommend are members of the Equity Release Council and their plans will include a No Negative Equity Guarantee. This means you and your family will never have to worry about the implications of negative equity.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Can I lose my home?” icon_name=”icon-info”][vc_column_text]Not under any normal circumstances, but you should ask the lender or reversion company if there are any exceptional circumstances in which this may happen. If you have a lifetime mortgage, the lender should say clearly in the Key Facts Illustration if there is any risk of losing your home.
If you have a lifetime mortgage where interest is rolled up, you cannot lose your home due to arrears (missed payments) as you are not making repayments. This would also apply even if the amount you owe is more than the value of the property.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”What happens if my partner or I need long-term care?” icon_name=”icon-info”][vc_column_text]If one of you needs care in your home or leaves to go into a care home, your plan is not normally affected. However, the plan will normally end if both of you leave to go into a care home. You or your doctor may need to give medical information to the lender or reversion company in these circumstances.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”What will happen to my home in these circumstances?” icon_name=”icon-info”][vc_column_text]If both of you go into permanent care, the house will normally be sold. Any money left over after paying off the loan and interest would belong to you. If you have a reversion scheme, the reversion company will then own all or part of your property.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”What happens when I die? ” icon_name=”icon-info”][vc_column_text]Your home will be sold once you and your partner have died. If you have a lifetime mortgage, the proceeds will be used to repay the outstanding amount and any money left goes to your estate. If you have a reversion scheme, the company will then own all or part of your property and they will be entitled to that percentage of the sale of the property.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”What happens if I die soon after taking out the loan?” icon_name=”icon-info”][vc_column_text]That depends on the terms and conditions of your loan. Some reversion schemes offer a partial refund if you die within the first few years of signing up to them, and many Lifetime Mortgage providers will waive any fee on death.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Is there anyone else I can talk to?” icon_name=”icon-info”][vc_column_text]Apart from lenders and financial advisers, you can also get advice from your local home improvement agency, a Citizens’ Advice Bureau or a local housing advice centre. You can also speak to a solicitor and should think about discussing your plans with your family.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”What happens if I receive poor advice or choose a product that does not suit me? What rights do I have to compensation? ” icon_name=”icon-info”][vc_column_text]This depends on the type of scheme, and who provided it. If it is regulated and you cannot sort out any complaint you have with your lender or adviser, you will have the right to go to the Financial Ombudsman Service.
Additionally, the Equity Release Council has a voluntary complaints procedure for reversion providers.[/vc_column_text][/vc_accordion_tab][/vc_accordion][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][vc_separator style=”style-1″][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][vc_accordion style=”numbered” first_one_open=”” id=””][vc_accordion_tab title=”Content 1″][vc_column_text][vc_row rt_row_background_width=”default” rt_row_content_width=”default” rt_row_style=”default-style” rt_overlap=”true” rt_row_paddings=”true” rt_bg_effect=”classic” rt_bg_parallax_effect=”1″ rt_bg_image_repeat=”repeat” rt_bg_size=”cover” rt_bg_position=”right top” rt_bg_attachment=”scroll” rt_row_borders=”bottom”][vc_column width=”1/1″][vc_column_text]Below are some of the most common questions asked about equity release. They are not exhaustive, and the answers are only general. Please ask us if you think of anything else you need to know.[/vc_column_text][vc_accordion style=”numbered” first_one_open=”” id=””][vc_accordion_tab title=”Are there any restrictions on what I can do with the money I raise? ” icon_name=”icon-info”][vc_column_text]No, you can use it for anything, but consider carefully how much you need to borrow. The more you borrow, the more interest will build up. This will increase the sum that has to be paid back to the lender when the property is sold.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Will I be able to raise more cash from my home in the future?” icon_name=”icon-info”][vc_column_text]Possibly, depending on the type of loan you have and whether there is still enough equity in your home. You would need to speak to the lender or reversion company.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Will I still own my home?” icon_name=”icon-info”][vc_column_text]Yes, if you take out a lifetime mortgage. But with a reversion scheme, the reversion company will own all or part of the property, although you can live in it for the rest of your life.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”What happens if the value of my home falls? ” icon_name=”icon-info”][vc_column_text]Nothing. The lender or reversion company takes this risk, as long as you have kept to the terms and conditions of the mortgage.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Could I ever owe more than the value of my house?” icon_name=”icon-info”][vc_column_text]No. All the lenders we recommend are members of the Equity Release Council and their plans will include a No Negative Equity Guarantee. This means you and your family will never have to worry about the implications of negative equity.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Can I lose my home?” icon_name=”icon-info”][vc_column_text]Not under any normal circumstances, but you should ask the lender or reversion company if there are any exceptional circumstances in which this may happen. If you have a lifetime mortgage, the lender should say clearly in the Key Facts Illustration if there is any risk of losing your home.
If you have a lifetime mortgage where interest is rolled up, you cannot lose your home due to arrears (missed payments) as you are not making repayments. This would also apply even if the amount you owe is more than the value of the property.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”What happens if my partner or I need long-term care?” icon_name=”icon-info”][vc_column_text]If one of you needs care in your home or leaves to go into a care home, your plan is not normally affected. However, the plan will normally end if both of you leave to go into a care home. You or your doctor may need to give medical information to the lender or reversion company in these circumstances.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”What will happen to my home in these circumstances?” icon_name=”icon-info”][vc_column_text]If both of you go into permanent care, the house will normally be sold. Any money left over after paying off the loan and interest would belong to you. If you have a reversion scheme, the reversion company will then own all or part of your property.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”What happens when I die? ” icon_name=”icon-info”][vc_column_text]Your home will be sold once you and your partner have died. If you have a lifetime mortgage, the proceeds will be used to repay the outstanding amount and any money left goes to your estate. If you have a reversion scheme, the company will then own all or part of your property and they will be entitled to that percentage of the sale of the property.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”What happens if I die soon after taking out the loan?” icon_name=”icon-info”][vc_column_text]That depends on the terms and conditions of your loan. Some reversion schemes offer a partial refund if you die within the first few years of signing up to them, and many Lifetime Mortgage providers will waive any fee on death.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Is there anyone else I can talk to?” icon_name=”icon-info”][vc_column_text]Apart from lenders and financial advisers, you can also get advice from your local home improvement agency, a Citizens’ Advice Bureau or a local housing advice centre. You can also speak to a solicitor and should think about discussing your plans with your family.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”What happens if I receive poor advice or choose a product that does not suit me? What rights do I have to compensation? ” icon_name=”icon-info”][vc_column_text]This depends on the type of scheme, and who provided it. If it is regulated and you cannot sort out any complaint you have with your lender or adviser, you will have the right to go to the Financial Ombudsman Service.
Additionally, the Equity Release Council has a voluntary complaints procedure for reversion providers.[/vc_column_text][/vc_accordion_tab][/vc_accordion][/vc_column][/vc_row][/vc_column_text][/vc_accordion_tab][/vc_accordion][/vc_column][/vc_row]