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Frequently Asked Questions

Equity Release

• Will I have to make any repayments?
• Do I have to have a Financial Adviser?
• Should I tell my family I am considering equity release?
• Will I have to pay tax on the capital I receive from my plan?
• Will I still own my property?
• What happens if my circumstances change?

Will I have to make any repayments?

No. With the lifetime mortgage, the interest rolls up. With a home reversion plan, you have sold part of the property. Hodge Lifetime is only repaid when the property is sold, usually on death or moving permanently to long term care.

Do I have to have a Financial Adviser?

Yes, we feel it is essential to obtain financial advice before applying as it is important to consider all options on the market and also consider benefits and grants which may be suitable.

Should I tell my family I am considering equity release?

We recommend that you discuss your plans with your family, as it will affect their inheritance. However, there is no requirement to do so.

Will I have to pay tax on the capital I receive from my plan?

The capital you receive from your equity release plan will be tax free. However, taking out any equity release plan could affect your eligibility for state benefits. You should make sure that your adviser informs you of any implications resulting from taking out the plan.

Will I still own my property?

With a lifetime mortgage you retain 100% ownership of your property whilst with a home reversion plan you sell a part share of your property to Hodge Lifetime.

What happens if my circumstances change?

Your equity release plan is portable, and you can take it with you if you move house. However, you will be responsible for the costs involved in moving the plan.

Taking out an equity release plan could affect the options that are open to you in future years, and it is important that your adviser explains these to you before you take out the plan.

These products are lifetime mortgages or home reversion plans. To understand their features and risks, ask for a personalised illustration.