Questions...

Am I eligible for an equity release scheme?
To qualify you must be 55 years and over. The older you are when you take out the policy the greater the amount of equity you will be able to realise.

Will I be able to live in my home for the rest of my life?
Most equity release schemes guarantee that you and your partner, will be able to continue living in your home for the rest of your lives.

Are there any Repayments?
There are no repayments with a Lifetime Mortgage or Equity Release Scheme, they are designed to last for the rest of your life and there is no repayment made until you go into long term care or die.

What will it cost?
This depends greatly on the plan you choose and the amount of equity to be released, there is no charge for receiving a quotation for equity release plans.

What if I still have a mortgage on my property?
This will be paid off by some of the proceeds of your Equity Release plan.

What happens if I repay my Lifetime Mortgage early?
If you decide to repay your Lifetime Mortgage early for any reason you may incur an early repayment fee or administrative fee. These charges differ depending on the scheme chosen and are detailed in the quotation.

What is the No Negative Equity Guarantee?
If the outstanding loan (plus interest and charges) exceeds the value of the property, at the time of sale, then you or your estate will never repay more than the value of the property. This is to protect you and your family from incurring debt as a result of a Lifetime Mortgage, and is a key feature of SHIP compliant loans.

Do I have the freedom to move?
Yes, so long as long as the property you plan to move into fits the property criteria at the time of moving you will have the freedom to move and the loan be transferred with you. If the property you are moving into is a cheaper property you may have to repay some of the loan.

Will my state benefits be affected?
If you are receiving means tested state benefits, It is possible for an equity release scheme to affect your benefit. This will be taken into consideration when you receive quotation.

What if I change my mind after taking out a scheme?
It will usually take two or three months to consider and decide on a scheme, including getting quotations and offers and preparation of the legal documents. You will have all this time to change your mind before you commit yourself. If you change your mind after taking out you can still repay your lifetime mortgage, subject to any Early Repayment Charges.

Are equity release schemes regulated?
Yes. ADS Mortgage & Financial planning are regulated by Personal Touch Financial Services Ltd. and are members of the SHIP Code of Practice. SHIP stands for 'Safe Home Income Plans', but the code of practice covers many different type of equity release schemes, not just the mortgage-based home income plans.

SHIP members agree to follow a voluntary code of practice, undertaking to provide a fair, safe and complete presentation of their schemes to potential clients.SHIP members provide a certificate which has to be signed by the client's solicitor before a scheme can be taken out.