Equity Release F.A.Q.
Does my home have to be sold within a set time period?
Under normal circumstance the answer is yes, your home will need to be sold within a set period of time after your death. However, equity release schemes do vary in this regard, so you will need to check with the individual plan provider.
When you have chosen to use a lifetime mortgage with fixed interest rates to release equity in your home; if the loan has not been repaid within six months of your death then it's normal for the interest rate to become variable. The aforementioned 'six month' time period may in fact vary.
These factors can affect your estate after your death and you should be clear about the consequences before entering into an equity release plan.
Here are a list of the other frequently asked questions relating to equity release schemes.
- Will I be able to live in my home for the rest of my life?
- What costs are involved in setting up an Equity Release Scheme?
- How much money will I receive?
- Will I be able to move house in the future?
- What if I change my mind?
- Are Equity Release Schemes regulated?
- What happens if property prices change?
- Who pays for repairs to the house?
- What happens if somebody moves in with me after I take out an equity release scheme?
- What will happen to my home after I die?
- Does my home have to be sold within a set time period?
- What will happen if I need to raise further funds in future?