Equity Release Questions
Many Braemar clients have a variety of important questions in regard to Equity Release that they wish answering. Below we answer the most frequently asked.
Is Braemar Equity Release a member of SHIP?
No, Braemar is not a member of SHIP as membership only applies to Plan Providers. Braemar Equity Release is an independent specialist adviser on the full range of equity release plans. However, we only recommend plans from SHIP members or from companies that adhere to the standards and offer the same guarantees.
Am I guaranteed the right to live in my property for life?
Yes, this is one of the reassurances given by all SHIP members. The scheme provider will however require that you maintain the property to a reasonable standard.
Can I move to a suitable alternative property in the future if I want to, without financial penalty?
Yes, you can as long as it fits with your existing arrangement and the scheme providers required criteria. There will of course be associated moving costs involved.
Could my family be left with a debt after I die if the value of my property were to fall?
Absolutely not, all SHIP plans carry a 'no negative equity guarantee'.
How much can I raise?
This will depend on your age, property value and state of health and an exact figure can not be given until your property is valued but our Equity Release calculator will give you some idea now.
Why should I pay you a fee?
Because we spend a lot of time working on your behalf to provide you with a professional advice and sourcing service that will ensure you end up with the right Equity Release plan. We then liaise with the chosen scheme provider and your solicitor to ensure that completion is as easy as possible for you. By choosing the right plan, you could save tens of thousands of pounds over its lifetime.
Do I have to repay my old mortgage if I take up an Equity Release plan?
Yes, all Equity Release scheme providers insist that there are no other mortgages or secured debts.
Can I still guarantee some money for my children?
Yes you can. Some Equity Release scheme providers will allow you to guarantee a percentage of your property for your loved ones. This will of course reduce the amount of money available to you now.
Why can't I get 100% of my property's value?
With a lifetime mortgage it is because of the effect of roll up interest over the remainder of your life. With a home reversion plan, it is because you are effectively living rent free for the rest of your live in the element of your property that you have sold.
Equity Release products are lifetime mortgages and home reversion plans. To understand the features and risks of lifetime mortgages and home reversion plans, ask for a personalised illustration.
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Equity Calculator
Discover today how much Equity you could possibly Release with our Equity Release Calculator.
