Equity Release F.A.Q.
What happens if property prices change?
In the case of a lifetime mortgage, changes in property prices will effect the value of your home when it comes to be sold - if property prices go up, your heirs will stand to get more from the house - if prices go down, then they will get less. This is assuming the mortgage has been paid off.
The same applies to Equity release Reversion Schemes, but again if you have sold your entire property to an investment company then only the company who actually purchased your house will be affected by changes in the property market, nobody else.
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?