Equity Release

Equity Release is a method of unlocking cash in the value of your home without the need to move.


Who are Essex Equity Release?


How Does Equity Release Work?


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Frequently Asked Questions About Equity Release

How can I be sure the Adviser is Qualified to provide unbiased equity release scheme advice?

By checking with the Equity Release Council Website, the Governing Body for Equity Release Scheme Advisers & Providers. If Listed as a Member you can rest assured that the Adviser has been thoroughly checked for both qualifications & experience, essential & mandatory to enable Registration for Membership of the Equity Release Council. Membership of the Later Life Academy is also an indicator that the Adviser is well versed in the issues concerning the Older Gneration, such as Power of Attorney, Wills & Trusts, Probate, Long Term Care, Debt in Retirement, etc. Demonstrating the ability to provide rounded, impartial advice, and a commitment to the concerns and issues facing the Older Generation.

Is Equity Release right for me?

Remember that Equity Release Plans are generally for the long term and should be tailored to fit your own unique circumstances using the flexible plans available from the whole of the market — only accessible by Independent Equity Release Advisers.

You can find out more about whether equtiy relelase is right for you on our dedicated page here. This will guide you through facts to consider as well as how our advisors can help you.

Will I be able to move home?

This is one of the most popular questions that we receive here at Essex Equity Release. The short answer is yes, but it is subject to criteria.

There can be many reasons why moving house is on your list. You may be wanting to move to downsize, help repay loans or support other family members. Staying in the same house for the rest of your life is not a requirement of equity release.

Many of the plans that we have available will allow you to move home. In doing this, you will also be able to cotinue with the plan you are currently on. However, you will need further advice on this from our advisors.

Find out more on our Can I Move Home page

Can I pay the interest as I go?

Yes, and at a rate that suits your budget. This mitigates the impact on your estate. In more recent years equity release plans have become much more flexible.

I have a question that hasn't been asked!

That’s no problem. Sometimes there are more questions than haven’t always been covered by our team already. Simply contact us and we’ll endeavour to respond to your enquiry as promptly as possible!

What if I live with someone else?

If you are married or are in a Partnership, athen  Joint Plan will be affected with the Survivor retaining benefit. If you are a friend or lodger, they will have no rights to remain in the property.

How much can I release?

This figure also varies but is based upon a percentage of age and property value, allied to health status. Typically you can expect to release anywhere between 20% and 50% from your property. However, this is not a set figure and will be individually accessed.

It is important to remember that the amount released will be dependent on property value as well as your age. In most cases you have more equity release the older you get.

What are the alternatives to Equity Release?

Before committing to an Equity Release Contract you should explore all the alternative strategies. This includes downsizing, moving in with your family and exploring DWP Benefits.

An Independent Adviser is obliged to investigate your entitlement and discuss in-depth alternatives.

Is Equity Release safe?

All plans recommended by EERAC, are sanctioned by the Equity Release Council (formerly SHIP) and contain certain inherent guarantees : No Regular Payments during your Lifetime; Remain in your Home for as long as you want; You may move home if you wish; you will never owe more than the value of your property.

The latter is known as a No Negative Equity Guarantee, the mortgage is redeemed when you die, & the property sold. Should the value of the property be less than the amount owed, there will be a shortfall, however, the Guarantee ensures that the Lender cannot request the shortfall from your Estate.

What impact will it have on my family?

It is possible, under certain circumstances, that taking out Equity Release could leave your family with little or nothing to inherit. It would be advisable, but not mandatory, to include your family in the decision process to ensure everyone is comfortable with the final choice.

How much does equity release cost to set up?

It varies from Lender to Lender and Adviser to Adviser, but a ballpark figure would be in the region of £1,500.

For Lifetime Mortgages the typical rate is 5%, but some can be under 3%. You need to consdier the cost of interest as well as pay arrangement fees. On average, these will total to around £1,500 but can be up to £3,000 depending on circumstances.

This would include application fees, surveyor fees and legal work fees.

How long does it take to process?

Once you decided to proceed with an equity release plan, about 6-8 weeks. This is obviously depending on the plan you choose.

Once you have picked between either a lifetime mortgage or home reversion plan, you will be able to move forward. It’s important to seek advice to find out which plan suits you and whether this is the right option.

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