Dear Dean

Dean Mirfin, our resident financial expert, has selected some of your most frequently asked equity release questions…

Q. How is my property valued?

A. Your plan provider will appoint an independent surveyor to ascertain the value of your home. You will be responsible for paying for the survey, but some providers offer to refund this to you when your plan completes. Your adviser will be able to provide further details of this. The good news is that equity release providers don’t require Home Information Packs (HIP).

Q. Once I take out a plan, do I have to stay in that property for the rest of my life?

A. If your plan is provided by a member of SHIP (Safe Home Income Plans), you can move and take it with you, subject to the new property being approved by your plan provider. Our specialist customer review team can help you with this should you have any queries. Simply give them a call on 0808 156 2686.

Q. Why do I need a solicitor?

A. Part of the SHIP guarantees state that you must have the main features of the plan explained to you by an independent solicitor. This solicitor will then handle the legal aspects of your application, similar to those involved with buying a house. Equity release is a complex area, so it’s important to select a solicitor with specialist equity release experience. We are happy to provide details of solicitors with such experience, should you require our assistance.

If you are thinking about taking out an equity release plan, you should read through ‘Is it right for me?’ carefully.

If you would like to ask Dean a question please complete the form below:

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