Equity Release Checklist
A checklist of 20 important questions you should ask when considering any kind of equity release, home reversion, or sell and rent back scheme.
EQUITY RELEASE
Your Options
1. How much money do you need to release?
2. Have you considered all the options available to you, e.g. savings, downsizing and the different equity release plans on offer?
Your Home
3. Will you want to move house in the near future?
4. Do you want to stay in your home for life, or are you looking for a shorter-term option?
5. If you are looking to remain in your home for life, can you be sure that you will be allowed to?
Your Estate
6. Have you considered the effect of equity release on your estate and any beneficiaries of your Will?
Your Health
7. Have you considered current and future health issues and the associated risks with particular plans?
Your Family
8. Have you consulted your family?
Advice
9. Have you sought legal or financial advice?
Financial Entitlements
10. Have you considered the effects of equity release on your eligibility for any means-tested
state benefits?
11. Have you considered the effects of equity release on your tax position?
Your Lease
12. How long is the lease you are being offered?
13. Are you being offered a secure lifetime lease? If yes, ask the company if they are authorised and regulated by the Financial Services Authority (FSA). Companies offering a secure lifetime lease must be authorised by the FSA. Ask them for their FSA registration number, then check online at www.fsa.gov.uk/Pages/register, or call the FSA's consumer helpline on 0845 606 1234.
Rental Options
14. Does your rent stay the same throughout your tenancy? If your rent is due to increase, do you know how much it will be?
15. Will you be able to afford it for as long as you plan to stay?
16. Are the provisions in the agreement reasonable if you are late paying the rent?
Ownership
17. Do you know who your landlord will be?
18. Do you know if your landlord is a reputable company or reliable individual?
Eviction
19. After you have signed the agreement, is the landlord able to terminate your tenancy if he chooses?
Repairs
20. Do you know who is responsible for repairs?
This checklist is provided as information only and does not constitute professional advice. SYH Charterhouse is authorised and regulated by the Financial Services Authority to arrange Home Reversion Plans, Register Number 464386. SYH Charterhouse offers a Home Reversion Plan that allows you to remain in your home and sell it to a reversion provider for a cash lump sum. To understand the full features and risks, please ask for a personalised illustration. Please be aware that if you do choose to go ahead with the SYH Charterhouse Home Reversion Plan a one-off application fee of £300 is payable.
Contact North Mortgages today. We can introduce you to SYH Charterhouse, who offers a Home Reversion plan that allows you to stay in your home for the rest of your life and release a substantial cash sum.
Call NOW on: 07734 088419.
Or contact us today to arrange a Call Back
