Who will own my home?
A common misconception about equity release is that you will no longer own your own home. With a lifetime mortgage - the most popular type of equity release plan – you can rest assured that you will always remain the owner of your property.
Your property remains your own
A lifetime mortgage is a loan secured against your home. It doesn’t involve giving up home ownership - you can feel safe in the knowledge that your biggest asset will remain your own. This means that you are still responsible for repairs and maintenance. You also have the freedom to decorate and carry out home improvements, including adding extensions such as a conservatory (subject to the usual planning permissions). In fact many of our customers take out equity release to pay for home improvements.
Spend your cash as you wish
When it comes to spending the cash you’ve unlocked from your home there are no restrictions regarding what you can spend it on.
The other type of equity release plan is a home reversion scheme, and this does involve transferring legal ownership of your property to the home reversion company. So if home ownership is important to you then make sure you discuss it with your adviser so they can find the right type of plan for you.
Stay in your home for life
With either type of equity release plan, you will also be guaranteed the right to stay in your home for the rest of your life. The plan usually ends once you and your partner have either moved into long-term care or passed away.
If you are considering equity release we recommend that you read through is it right for me?