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Your questions
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Q: Can I borrow more money at a later date?
Yes it is often possible to top up your existing equity release plan, or swap your equity release plan and release more cash.
Q: Can I swap to a better rate in the future?
Yes, we can compare your current equity release plan with others on the market and tell you the options available. We can make switching equity release plans hassle free by helping you with the paperwork and liaising with your equity release provider and solicitor.
Q: I released cash from my home a few years ago. Can you help me to swap equity release plans?
Yes, we can look into the equity release plans on the market for you and tell you the options available. If you decide to switch we will speak to your equity release plan provider on your behalf to make sure the switch goes through quickly and easily.
Q: Can I pay my lifetime mortgage off early?
As the name suggests, a lifetime mortgage is meant to last for the rest of your life and is not designed to be repaid early. It is possible to repay the loan early but there is almost always an early repayment charge to pay. This normally applies for the first 5 years but can sometimes apply for the first 10 years. The fee is charged in addition to the original loan and interest accumulated.
Q: What happens if I remarry after taking out my equity release plan?
If your new spouse qualifies for equity release then it is normally possible to add their name onto the equity release plan, subject to lender criteria.
Q: What happens if I divorce after taking out the equity release scheme?
It is possible to remove parties from an equity release plan; however, whether it is possible to do so will be subject to provider criteria.
Q: What happens if my spouse dies after we have taken out an equity release plan?
The equity release plan will continue until the death of the last surviving partner so you will be able to stay in your home for the rest of your life.
Q: I’d like to move house. Am I able to do this now that I have released cash from my home?
Yes. All equity release plans that are recommended by Key Retirement Solutions are approved by SHIP (Safe Home Income Plans) and all plans approved by SHIP allow you to move home if you wish. The move is subject to provider criteria, which differs from equity release provider to provider. Contact us to find out more.
