Q. Is there a minimum age for taking an Equity Release plan?
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| A. Yes, to qualify the applicant must be at least 55 years of age. |
Q. Is there an age limit to taking an Equity Release plan?
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| A. No.. |
Q. What is the minimum property value required for an Equity Release plan?
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| A. The property needs to be a minimum value of £80,000 |
Q. What is the minimum amount an Equity Release plan will release?
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| A. The minimum amount released as a lump sum is usually £15,000 but it can be a regular income, if preferred. Most Providers will allow an initial lump sum, then funds can be drawn down as and when required with a minimum of £2,000-£5,000 for each withdrawal. There maybe an administration fee of up to £99 per withdrawal, each time you use the facility. |
Q. When will the Equity be repaid?
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| A. On death of owners or if they go into permanent care or a nusing home. It is not possible to rent out the property once the owners have left. |
Q. I am a joint owner of a property. Can the Equity Release plan be held in one name?
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| A. No, the Equity Release plan would need to be in the names of all joint owners of the property. |
Q. Who is responsible for the maintenance of the property once an Equity Release plan is taken?
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| A. The recipients of the Equity Release plan are responsible for the insurance and upkeep of the property. |
Q. I have 2 properties. Can I take an Equity Release plan on my 2nd property?
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| A. No, an Equity Release plan needs to be done on the principle private residence. |
Q. What if I already have a mortgage?
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| A. This can be paid off from the Equity Release which will release you from paying regular mortgage repayments. |
Although there are some Questions and Answers displayed, due to the complexities involved with an Equity Release plan, it would be beneficial for you to call us on 01243 776774 for a more detailed consultation.