Frequently asked questions
About Equity Release
Here are some frequently asked questions about Equity Release.
Is Equity Release Safe?
With SHIP approved schemes there are important legal guarantees in place. Please see here for more information.
How long does it take?
From the time of applying until you receive your funds usually takes approximately 6 weeks.
How much can I release?
The amount depends on age and varies between different providers.
Please contact us for an indication for how much of your equity you could release.
Can I repay an equity release plan, for example if I want to sell up and downsize?
In most cases yes you can. This is an important matter to discuss when seeking advice as early repayment charges may apply. These charges vary between different equity release providers. Some providers, particularly home reversion companies, will not allow repayments.
Will it affect my state benefits?
Equity Release can affect means tested benefits such as Pension Credit, Savings Credit and Council Tax Credit.
This doesn't mean you shouldn't take an Equity Release plan but it means it is important to understand the impact it may have.
We can help you in this respect and it is often possible to take sensible measures to avoid losing any of your benefits.
Your state pension is not affected.
