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Equity Release Myths
There are many misconceptions and miscommunications around equity release that still prevent people from seriously considering it as an option. It’s no wonder people are struggling to separate fact from fiction when it comes to Equity Release.
You will never be asked or expected to move out of your home. With a lifetime mortgage, you are still the owner of your house and the property stays in your name. The Equity Release Council states that when you take out equity against your home, you and your partner still jointly own the property and you both have the right to live there as long as you want until the last survivor dies or goes into long-term care.
The market is highly regulated with the Financial Conduct Authority (FCA) introducing important consumer protections. We like most lenders are also members of the Equity Release Council. This means that any plan you take out with us will come with a no-negative-equity guarantee.
With over 300 products on the market there is a wide range of options available including many products that let you take money out of a pot as an when you need it, rather than in a lump sum. Taking the money in smaller chunks, rather than in one go, also reduces the amount of interest that is added to the loan each month.