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  Question & Answers  
 
At RG Solicitors, we have put together a few of the most commonly asked question, with answers.  We hope that this helps you as a starting point.  Please do give us a call, and we will be very happy to assist you further.
 
     
  Who helps me choose the equity scheme that is right for me?  
  A specialist independent financial advisor. We know a number of specialists and may be able to put you in touch with someone local to you.  
   
  What will RG Solicitors do?  
 

Our job will be to explain the equity release paperwork to you and ensure you are able to comply with any special conditions. We will send necessary paperwork and information to the equity release provider, carry out any necessary searches and order the equity release money from your chosen provider. We would also deal with the repayment of any existing mortgages.

 
   
  Are Equity Release schemes regulated?  
  The Financial Services Authority now regulates all mortgage based equity release schemes (Lifetime Mortgages and Home Income Plans). Please note that, at the moment, Home Reversion schemes are not all regulated.

However in addition to FSA regulation,  the most respected equity release providers sign up to the SHIP code of practice.  Please see www.ship-ltd.org		  
   
  How much money will I get?  
 

It depends on the type of scheme. Generally the older you are the more money you will be offered. Men also receive more than women of the same age (due to life expectancy) and a single person granted more than a couple.

  
   
 

Can the lender make me move out of the property?

  
  All reputable schemes should guarantee that the loan will not require you to move from the dwelling before you want to and we certainly check this for you as part of the work we do for you at RG Solicitors.  
 

 

  
  Can I get more money in the future?  
 

This will depend on the scheme. Your financial adviser will be able to let you know this at the outset. Some schemes require a set period of time before further funds can be requested. But you will be prevented from borrowing from other sources whilst the equity release loan remains.

  
     
  What happens to the house when I die or move into residential care?  
  These are the trigger points which will lead to the sale of your property and payment to the equity release provider. If you are a couple, then it is important to note that the sale of the house will only take place when the second of you dies or moves into long term care.  
     
  Should I tell my relatives?  
 

We would always recommend that you tell your immediate family and beneficiaries (the people that you intend to leave money to in your will) about your equity release. Regardless of the type of equity release scheme that you choose, your estate will be reduced by your taking out an equity release, and it is a good idea to tell your family about this. Of course you do not have to. It is entirely up to you.

  
     
  I am on benefits. Will these be affected by taking out Equity Release?  
  They might be. Means tested benefits, pension credit and council tax benefits for example may be affected by the amount of money that you have in the bank. It is important to check this with the benefits agency and make sure that you are fully informed before you make your decision as to whether equity release scheme is right for you.  
     
  What are the alternatives to equity release?  
  It is wise to consider all of the alternatives before deciding on equity release. These are the kind of questions that you need to ask:
          Are you getting all of your welfare benefits?
          Have you considered downsizing to a smaller home or sheltered accommodation?
          Do you have any nest eggs, premium bonds or savings that may help you out? 		 
     
  Can the loan ever become greater than the value of the property?  
 

No. If you are using a SHIP lender any losses of this kind are borne by the lender.

  
     
   
 

Please do give us a call. We look forward to speaking with you...

  
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