How Long Does Equity Release Take ?

The timescale for Equity Release Lifetime Mortgages is usually about eight weeks or so.

Although you might see many ads on the internet or TV about Equity Release, you can't just phone them and arrange it directly.

If you have read my blog post about Safeguards and Guarantees, then you will know that only qualified Equity Release Advisers can deal with this product and strict regulations have to be adhered to.

After your enquiry is received an adviser would call you to arrange a face to face meeting. They would discuss your requirements and advise you dependant on your circumstances.

If your Adviser, after looking at and discussing alternative options for raising cash for your needs, feels that Equity Release would be appropriate for you, they would then recommend a suitable product and explain it to you.

 When an offer was made by the provider, it would, again, be explained in detail by the Adviser.  You may wish to have trusted friend or family member with you to go through the detail.

You would then have to consult with a solicitor to have it all explained again along with your rights and a signed agreement would be required to say that you understand the terms of the plan and that you have consulted with a solicitor. 

The whole thing should be concluded in eight weeks or so, with the cash deposited in your bank tax-free. The reason that it is tax free is because it is a loan, a debt, and you don't pay tax on a debt.

Make sure to talk to your adviser about your will(s) and be clear about the Inheritance Tax position which of course can be affected by the mortgage, in that the loan will reduce your equity and thereby reduce the value of your estate.

You should also consider appointing Lasting Powers of Attorney to be able to take financial decisions should you lose mental capacity. (You cannot draw down any remaining agreed amounts if you lose mental capacity, but your LPA can draw it down for you).

So a few things to think about, but not to worry about because your adviser will cover all these points.

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Pat Cunningham  CeMAP,  CeRER