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Frequently asked questions about Equity Release

Am I going to leave my family in debt when I die?

All lifetime mortgages we recommend fully meet the Equity Release Council’s product standards and therefore feature a no negative equity guarantee. This means that your estate will never owe more than the property is worth when it is sold, provided it is sold for a reasonable price.

Am I giving up ownership of my house?

With a lifetime mortgage you continue to own 100% of your home and can remain living in it. The loan is secured against your home, much like a conventional mortgage.

For a home reversion plan you sell part or all of your home to a lender, who will then receive payback from the eventual sale of your home. You have the right to reside in your house if you take out a home reversion plan, subject to meeting lenders terms and conditions.

How much can I release?

This will depend on your age and the value of your property. The older you get, the larger percentage of the value you can access. Some lenders also take into account your health and lifestyle to increase the amount you can release.

As an example, a 70-year-old might be able to release up to 41% of their homes value.

We talk through all these factors with you during your no-obligation fact find appointment, before advising you whether or not we think that equity release is your best option.

Can I make repayments to a Lifetime Mortgage?

Yes, you can make monthly repayments or even repay your lifetime mortgage early – however payments are optional on some plans. You can make partial repayments and, subject to certain limits, some plans will allow you to do so without any early repayment charges. Early repayment charges may apply above a certain value.

You can also pay back the loan, plus any interest accrued, in full. However, early repayment charges can be quite high, so ensure you disclose to your adviser if this is likely to happen, as plans with features to minimise or avoid these charges can be considered, depending on the scenario.

Can I move home?

Yes, you can. If this is something you’re planning to do in the future, or want to have the option to do, speak to your adviser. It may be that if you’re downsizing, you could have to repay a portion of the plan, if the value of your new home doesn’t match the value of your loan. You will also have to ensure that the new house meets the criteria and standard of the lender, so it’s always best to speak to them first before committing to a new property.

What happens if I’ve passed away or moved into long-term care?

The plan comes to a natural end and the provider gives a 12-month period during which the balance of the loan would need to be repaid. This doesn’t necessarily have to be from the sale of the property as beneficiaries could raise the money to clear the outstanding borrowing from other sources.

Frequently asked questions about Sterling Equity Release

Why should I use Sterling Equity Release?

Being part of a large equity release advisory group we have extensive knowledge of the marketplace, lenders criteria and advanced sourcing technology to enable us to tailor a plan that provides you with the best outcome based on your circumstances, preferences, and priorities.

What sets you apart from other Equity Release companies?

our Sterling Equity Release adviser Mark Jackson, has years of experience of helping clients to decide whether equity release is right for them and is a major part of what we do.

This ensures that our clients have the peace of mind that they have all the facts (the upside and the downside of equity release) and have explored all the alternative options that may be available to help them make an informed decision. As one size certainly doesn’t fit-all and everyone’s circumstances are different.

How transparent is your process?

We are fully transparent and record all our conversations to ensure that you are fully protected as part of the advisory process we undertake either over the phone, online or face-to-face. We will confirm any set-up fees involved to put an equity release plan in place, which forms part of our market leading recommendation reports.

What is your customer support like?

Having advised on equity release for many years, Mark Jackson has earned a great reputation for customer service. We don’t treat equity release as a one-off transaction but commit to our clients for the long-term. Ensuring that their plan is still providing them with the best outcome and if not advising them of alternative options that could help them save many thousands of pounds over the estimated lifetime of the plan if the interest rate was more favourable or if it was beneficial in other ways due to recent lender innovations. This is our commitment of being with you every step of the way and ensures you have long-term peace of mind.

Utilise our other tools.

Access our useful tools available to for you to help plan your equity release journey.

Take the next step with Sterling Equity Release

If you gave a question about Equity Release, how we can help, or you’re ready to plan your next steps. Please get in touch.

Iain Carter

2024-07-02

As a company I refer my clients that are looking for equity release advice over to Mark. His knowledge and understanding of the market is fantastic. Mark works exceptionally hard to provide great customer outcomes. If you are looking for an expert equity release advisor then look no further.

Jeanie Gilford

2024-06-26

Having recently completed and received the equity I requested I have found the process very easy. Mark Jackson has advised me throughout and I have found his help and advice invaluable. I could not have had a better adviser.

Still got questions? Here we've tried to answer them for you

Filter questions by category

Choose which category you'd like to view FAQs for.

Frequently asked questions about Equity Release

Am I going to leave my family in debt when I die?

Am I giving up ownership of my house?

How much can I release?

Can I make repayments to a Lifetime Mortgage?

Can I move home?

What happens if I’ve passed away or moved into long-term care?

Frequently asked questions about the application process

Will I be charged a fee?

What are the other fees involved?

What is your application process?

Frequently asked questions about Sterling Equity Release

Why should I use Sterling Equity Release?

What sets you apart from other Equity Release companies?

How transparent is your process?

What is your customer support like?

Utilise our other tools.

Take the next step with Sterling Equity Release

Still got questions? Here we've tried to answer them for you

Filter questions by category

Choose which category you'd like to view FAQs for.

Frequently asked questions about Equity Release

Am I going to leave my family in debt when I die?

Am I giving up ownership of my house?

How much can I release?

Can I make repayments to a Lifetime Mortgage?

Can I move home?

What happens if I’ve passed away or moved into long-term care?

Frequently asked questions about the application process

Will I be charged a fee?

What are the other fees involved?

What is your application process?

Frequently asked questions about Sterling Equity Release

Why should I use Sterling Equity Release?

What sets you apart from other Equity Release companies?

How transparent is your process?

What is your customer support like?

Utilise our other tools.

Take the next step with Sterling Equity Release

Explore Sterling Equity Release