Equity Release F.A.Q.
What happens if somebody moves in with me after I take out an equity release scheme?
Anybody is free to move in with you after you have entered an equity release scheme. The difficulty would arise if they wanted or needed to stay in the property after your death. This is because the property would most likely need to be sold in order that the investment company or financial institution, can re-coup their money.
If you have a new partner who may want to live with you in your property then you should talk to the equity release plan provider about the possible consequences before entering into a scheme. In some cases it is possible to transfer a scheme into joint names assuming the second party is over 60 years old, but you will consult the individual equity release plan providers to find out if they allow such changes.
Think carefully about this possibility and make your decision accordingly and ensure you seek financial advice if anything is unclear.
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?