Will my home still belong to me?

Yes, you are still the legal holder of your home, although the technicalities depend on what sort of equity release scheme you opt for. 

If you take out a lifetime mortgage, you remain the legal owner of your house. If you take out a home reversion plan, you effectively sell an agreed proportion of your house to the home reversion company; however, you can sell up to 99.9% of it and still remain the legal owner of your home. 

What’s more, mortgages that are offered by members of the Equity Release Council have to come with a guarantee that you will never be thrown out of your home, as long as you keep to the terms of the agreement. 

As you are still the legal owner of your home, you have responsibility for maintaining your property in at least as good a condition as when the plan was taken out.

‘As we didn’t have a particular project to spend the money on, we were able to take out money in chunks instead of taking out a whole lump sum, which made the interest amounts more manageable. That was one the great things our adviser explained and has given us peace of mind for our finances.’

Successful over 55 equity release scheme applicants, Chatham, Medway, Kent

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How much could you borrow?

Our guide will help you work out how your home could help you realise your dreams.

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