Equity Release - Frequently Asked Questions

The basic criteria is that all applicants must be 55 or over and that the property is worth at least £70000.

 Call us today on 01484 605931 to find out if you could be eligible.

Our advice process follows strict rules and guidelines, to ensure that you receive the right advice and that the plan we recommend to you meets your needs.

We are authorised and regulated by the Financial Conduct Authority (FCA)

With Equity Release Council approved plans, there are a number of guarantees such as No Negative Equity Guarantee, The right to remain in your property for life and the right to move to another property (subject to criteria).

 Call us today on 01484 605931 to find out more.

Yes you can, but you will first have to clear off your outstanding mortgage from the equity release funds.

 Call us today on 01484 605931 to find out if you could be eligible.

How much money you can release from your property depends on a number of factors

•     How old you are
•     The Value of your property
•     Your Health and Lifestyle

If you take out a Lifetime Mortgage, then you will continue to be the owner of your home.

With a Home Reversion Plan, you sell all or part of your home to the provider in return for money.

With both types of plan you are still guaranteed the right to stay in your home until you and your partner pass away, or move into long term care.

 Call us today on 01484 605931 to find out more.

It generally takes about 8 - 12 weeks from applying to completion.

 Call us today on 01484 605931 to find out if you could be eligible.

Most providers allow you to move home in the future. This is known as portability. Your options would be to repay the amount owed, plus any Early Repayment Charges (ERC's) which may apply. Alternatively, you can move the Equity Release Plan to the new property. This will be subject to certain criteria.

 Call us today on 01484 605931 if you want further information.

Most products that we recommend  offer the guarantee that you can remain in your home for the rest of your life.

There are however generally some terms and conditions that apply to this, such as agreeing to continue to keep up to the maintenance on the property.

 Call us today on 01484 605931 if you want further information.

Generally you do not have to make monthly repayments. The loan plus roll up of interest, is repaid when the plan comes to an end.

Having said that, products are changing all the time and there are now plans that allow you to make monthly interest payments and also some repayment of the loan without penalties.

 Call us today on 01484 605931 if you want further information.

You can repay your equity release plan, but depending on how long you have had the plan for will determine if you also incur Early Repayment Charges. 

This is something that we will discuss in detail, before you decide how you wish to proceed, as the ERC's can be quite large and can apply for a long number of years.

Early Repayment Charges can differ a lot between different providers. Some work on a fixed percentage, others can vary. It's important to understand how these work and also how relevant they are for you, in your situation.

 Call us today on 01484 605931 if you want further information.

KIS financial solutions do not charge any Broker Fees for our service. We will get paid a commission by whichever lender we recommend.

However, fees that you could incur will be Surveyor Fees, Solicitors Fees and Lenders Arrangement Fees. Again this is something that we will discuss in full and note that there are some products with Free Valuations, No Arrangement Fees and cashback to cover Legal costs.

 Call us today on 01484 605931 if you want further information.

Yes, there are plans that allow you to protect a percentage of your home's value, so that there is a guaranteed inheritance.

 Call us today on 01484 605931 if you want further information.

All the plans that we recommend, automatically include a 'No Negative Equity' Guarantee. This means that you can never owe more than the value of your home.

This means that you will not leave a debt to your family.

 Call us today on 01484 605931 if you want further information.

We always recommend involving your family when discussing Equity Release. By borrowing money against your property you are reducing the value of any inheritance.

Please feel free to have family members at any meetings that we have, to ensure that everybody understands exactly what you are considering.

 Call us today on 01484 605931 if you want further information.

If your equity release plan was taken out jointly with your partner, they would be able to carry on living in the home without impacting your means test for long term care fees.

If the plan is just in your name, then the home would be sold and the Equity Release plan would receive the monies they are owed. The remainder of any money from the sale of the house would go into your estate.

 Call us today on 01484 605931 if you want further information.

If you have a joint plan and your partner survives you, then your equity release plan will not be affected and they will be able to remain in their home for as long as they choose.

If your equity release plan is in your name only, then your house will be sold and the equity release provider will take their money from the proceeds of the sale. The remainder will go into your estate.

 Call us today on 01484 605931 if you want further information.