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•   Equity Release
•   What is Equity Release?
•   What is a lifetime mortgage?
•   What is a home reversion plan?
•   Fees and Costs
•   Existing mortgages
•   How can Later Life Matters Limited help me?
•   Common questions
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Common questions

Question: Will I still own my own home?
You will if you affect a Lifetime Mortgage. If you establish a plan with a SHIP (Equity Release Council) member, this is further endorsed as SHIP (Equity Release Council) rules specifically state that customers have the right to remain in the property for life. If you affect a Home Reversion Plan, you no longer own the property, although you will still have the right to live there for as long as you wish.

What happens to my partner if I die?
If the scheme is in both of your names, then the arrangement will continue.If the property and scheme were in your sole name, the property would have to be sold and your partner would have to find somewhere else to live (unless they could repay the debt in full from other means).  It is important to seek specialist advice on this.

Question: What happens if I want to move?
It is important to remember that Equity Release Schemes are long-term commitments and should not be entered into lightly and without giving consideration to possible future events.  If you think you might be moving home soon, you should not consider such a Scheme.However, if you do decide to move during the term of your Lifetime Mortgage then it should be possible to take your mortgage with you to the new property (subject to certain terms and criteria applicable to your particular Lender).  If you need to repay part of the mortgage as you have moved to a smaller property, there may be charges applied for doing this (depending on whether your Scheme is within SHIP (Equity Release Council) criteria).If you have taken out a Home Reversion Plan and this provides a regular income, that income will continue to be paid to you if you choose to move house.

Question: What happens if I die or move into Long Term Care?
If you are married and have a joint Lifetime Mortgage, your spouse can live in the property for as long as they wish.  Once the property is sold or the last borrower leaves, the Lifetime Interest plus any accrued interest would need to be repaid.  This must usually be within 12 months in the event of death, allowing enough time to sell the property.  It is important to tell your Lender about any changes in this regard as soon as possible.In the case of Home Reversion Plans, the income would continue to be paid (if applicable) if you move into Long Term Care or to your spouse if you have a joint life plan and pass away, for the rest of your/their life.  This would depend on the terms of your particular Home Reversion Plan. The house would need to be sold after the second borrower left or died.

Can I still leave some of my property to my children?
The equity in your property, which is not mortgaged, can be left to your heirs as an inheritance.  The actual amount will depend on how much equity is left after repayment of the Lifetime Mortgage and the accrued interest, and the value of the property when it is sold.If you have a Home Reversion Plan and have decided at outset the percentage of the property value you wish to retain or leave as an inheritance, this percentage is fixed and would apply when the property is sold. However, the actual monetary amount of this would depend on the property value when it is eventually sold.

Your property may be repossessed if you do not keep up repayments on your mortgage


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