Equity Release
Frequently Asked Questions
Frequently Asked Questions
Help Line 0845-108-0505
CharltonOnLine.com
Yes, your equity release plan will require you to maintain your property and keep it in a state of good repair. It's also still your responsibility to insure your property and pay all your property-related bills, such as utilities and council tax. Both the lifetime mortgage and the home reversion plan are intended to last for the rest of your life. With a home reversion plan you can buy back the provider's share of your property, but you will have to pay the full market value, which is likely to be substantially more than the amount you received from the sale. With a lifetime mortgage the lender does not receive any payment until the property is sold, so if you decide to repay the loan early there may be a substantial early repayment charge.
Are you Eligible for Equity Release Plan
Will my home qualify for an Equity Release Plan
How much can I get through an Equity Release Plan
Will I still own my home after I take out an Equity Release Plan
Will I still be responsible for the property if I have an Equity Release Plan
Can I leave an Equity Release plan early
An equity release plan is normally available to individuals, couples or two people living together. To be eligible for equity release, an individual applicant or the youngest of joint applicants should be at least 55 years old. For a home reversion plan, an individual applicant or the youngest of joint applicants should be aged between 65 and 80.
Your home may qualify for equity release if it is a residential property of standard construction. Please bear in mind that minimum property values apply.
This depends on the type of equity release plan you take out. The amount you can borrow through a lifetime mortgage is based on the value of your home and your age when you start the plan. With a home reversion plan, you can choose to sell up to 100% of your home. However, because you can still live in your home rent-free until you die or go into long-term care, you'll receive less than the full market value of the share of your property that you sell.
With the lifetime mortgage, you keep ownership of your home. With the home reversion plan, the legal title of your property is transferred to the reversion provider. Both types of equity release plan allows you to continue living in your home until you die or need to go into long-term care.
You can if you have a lifetime mortgage plan, as you can repay the mortgage at any time but there could be early repayment charges to pay. The amount you need to repay will include the original amount which was borrowed and the interest which has built up. If you have a home reversion plan, there is no going back.
Mortgage Principles
Mortgage Types
Cost of Mortgages
Interest Rates
Shared Equity
Equity Release
None of the information on this website is intended to promote any specific mortgage product or provide mortgage advice.
CharltonOnLine.com is a trading name of Charlton Marketing and Development Ltd.
CharltonOnLine.com is a trading name of Charlton Marketing and Development Ltd.
Your home may be re-possessed if you do not keep up repayments on your mortgage.
Charlton HomeBuy
Service
Email: charltonltd@charltonfs.com