Top 5 Equity Release Myths
1. You risk losing your home
Safeguards ensure that you will be safe in your home for as long as you wish to live in it.
2. You won’t be able to leave any inheritance
When you die or move into long-term care, your home is sold and the money is used to pay off the loan. Anything left over goes to your beneficiaries.
3. Your children will have to repay the loan themselves
Safeguards are in place such as no negative equity guarantee, ensuring that the loan will never be greater than the value of the property
4. Equity release is unsafe and unregulated
Modern Equity Release plans and the advice that is taken are covered by regulation under the Financial Conduct Authority (FCA).
5. You won’t be able to move home if you have an equity release plan
Lifetime mortgages are generally portable from property to property.