EquityReleaseForum.org

Dear Forbe,
 
Thanks for your query. You’ve raised a few points there, so I’ll go through them one by one.
 
The amount that you can release is based on the value of your home and your age. In short, the older you get, the bigger a proportion of your home’s value you can release. So whilst you may be able to release around 20% at age 55, you could release significantly more than this when you’re 70. To give you a rough idea what would be available at your age, you can use Age Partnership’s equity release calculator, or speak to a specialist advisor for precise figures.
 
It’s worth noting that you should only release as much as you need.
 
As far as special deals go, most specialist equity release advisors have access to a variety of special exclusive or limited-availability plans. These could include preferential features such as lower interest rates, cash backs or free property valuations. To clarify: these plans will tend only to be available through limited specialist advisors and generally not from the product provider themselves. Some specialist advisors such as Age Partnership, for whom I work, offer no-obligation initial information about what plans are available to you (based on your circumstances) so there’s no harm in calling in for more information.
 
Finally, your options for paying off an equity release plan will differ based on what plan you choose. Assuming you go with the most popular form of equity release, a lifetime mortgage, you can pay the plan off, but some (not all) will impose ‘early repayment’ charges. If you choose a home reversion plan, which, unlike the lifetime mortgage, actually involves you selling some or all of your home, you are sometimes able to buy back your property (this decision would be in the hands of the plan provider), but this would tend to be at a higher value than you would have received.
 
I hope this helps,
 
Kind regards
 
Mark Blanchfield