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.
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.
Yes, subject to criteria.
Yes, and at a rate that suits your budget, which mitigates the impact on your estate.
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If Married or in Partnership, a Joint Plan will be affected with the Survivor retaining benefit. If a friend or lodger, they will have no rights to remain in the property.
This figure also varies but is based upon a percentage of age and property value, allied to health status.
Before committing to an Equity Release Contract you should explore all the alternative strategies, such as downsizing, moving in with your family and exploring DWP Benefits. An Independent Adviser is obliged to investigate your entitlement and discuss in-depth alternatives.
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.
Categorically – No!
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.
It varies from Lender to Lender and Adviser to Adviser, but a ballpark figure would be in the region of £1500.
Once you decided to proceed with an equity release plan, about 6-8 weeks.
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