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Equity release calculator
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Equity Release FAQs

Your home may be repossessed if you do not keep up repayments on your mortgage.

Are all equity release regulated by the Financial Conduct Authority?

Yes. All lifetime mortgages and home reversion schemes are regulated by the Financial Conduct Authority.

Why is it important to talk to my family?

Using an equity release scheme of home reversion plan to improve your retirement will reduce the value of your estate when you die.Therefore, we strongly recommend that, unless there are exceptional circumstances, you discuss your intentions with your family before taking this big decision.

Should I take legal advice?

Yes. You should appoint your own independent solicitor who will act on your behalf throughout, and ensure you fully understand the process at every stage. Your Retirement Experience equity release adviser can refer you to a specialist independent solicitor, if you wish.

Could I lose my home?

No. All Equity Release Council members have a ‘no negative equity’ guarantee and, providing you do not break the terms of the agreement, there is no possibility of repossession.

Can I move home?

All Equity Release Council members will allow you the freedom to move to a suitable alternative property. You must, of course, inform the provider of your intentions. At the time you move, you may repay the loan and interest in full, or you may be able to transfer your equity release scheme or home reversion plan to your new property if it meets the provider’s criteria. You should always check with the provider for any restrictions before moving, as penalties may apply.

Does eligibility for the plan depend on my income or health?

Neither your income nor health has any bearing on your eligibility for an equity release plan. You will not be required to take a medical. However, if you are in poor health, your choice of providers may be limited.

Can I end the plan early?

Yes. You should, however, remember that these are long-term plans, and the provider may charge an early repayment fee. You cannot cancel a home reversion scheme once it has started.

Will the plan affect my pension?

Taking out an equity release plan won’t affect your State Pension, or any personal pensions.  

What about State benefits?

Equity release plans may affect means-tested benefits. Retirement Experience advisers will tell you if this is the case.

What about tax?

Under current legislation, any cash sum drawn under your equity release plan will not attract Income Tax or Capital Gains Tax.

Will I be responsible for maintaining the property?

Yes. You will be responsible for maintaining the property in at least as good a condition as it was when the equity release plan was taken out.

What will it cost to set up the plan?

Retirement Experience will never charge you for your initial enquiry or consultation, so it will never cost you to find out if an equity release plan is right for you. A fee is only payable on completion of a suitable plan. This fee is typically 2% of the amount released.

All costs will be explained in your personalised proposal. There may be an equity release provider’s arrangement fee, property valuation costs and various legal fees. You will also have to have buildings insurance on your property for the duration of the plan.

What happens on my death?

With a lifetime mortgage, on your death (or on second death for joint plans) the loan and interest are due to be repaid. This would normally be done by the administrators of your estate selling the property and repaying the loan and interest from the proceeds. With a home reversion scheme, the property is sold, and the appropriate, agreed percentage of the sale price is made available to the beneficiaries of your estate.

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