Any plans approved by the Equity Release Council will guarantee you the right to move your plan to a new property. The new property will have to be acceptable to your lender, and therefore will have to meet their criteria; this is something which you should discuss with the lender before going ahead.
If you want to downsize into a new property that isn’t acceptable to your lender then this may also be possible. With plans that offer downsizing protection you would be able to repay the outstanding loan in order to do this, without paying an early repayment charge. Downsizing protection ensures that if for any reason you need to move to a smaller home, typically after five years of taking out a lifetime mortgage, you can pay the loan back early without penalty. Without downsizing protection you may still be able to move, however you may incur an early repayment charge if you choose to repay your loan early.
Speak to your equity release adviser about these different options before going ahead for peace of mind that, if your circumstances were to change for health or family reasons, you’ll be able to adjust your housing plans accordingly.