How to apply
Many people are put off applying for an Equity Release Plan because they do not fully understand the application process or indeed the different products available.
With the right professional help, taking out an Equity Release Plan can be a simple process. We would suggest that you follow the steps below to find the most suitable plan for your needs.
Contact your Independent Financial Adviser or
Mortgage Broker
They will be able to assist you in making the right choice. Decide whether you wish to take out a Lifetime Mortgage or Home Reversion plan.
Your Financial Adviser will also help you to understand how your chosen Equity Release Plan affects your eligibility for welfare/tax benefits.
If you do not have a Financial Adviser you can find one by visiting www.unbiased.co.uk
Talk to your family
Some people like to talk things through with their family before making their decision, others may prefer not to. Many children now are financially secure and will understand and support plans for releasing monies to assist in funding retirement needs. If possible, it is a good idea to let your next of kin know of your plans so that they understand the plan arrangements and what will happen on the sale of your home at death or when moving into a nursing home.
Complete an application form and obtain a
home
valuation survey
When you are happy that you wish to progress your application with your Financial Adviser you will need to complete the application form and arrange for your adviser to submit it to Hodge Lifetime together with the payment, if applicable, to undertake a valuation on your property.
You should also inform your Financial Adviser of your appointed Solicitor.
Understanding the terms of your Equity Release Plan
Following confirmation of acceptance of your application you will be advised to visit your Solicitor who will ensure you fully understand the terms of the plan.
Following these discussions the legal documents to finalise your plan will be completed by your Solicitor.
Plan completion
Following the signing of the legal documents, the plan will be complete and the monies released paid to you via your Solicitor. The whole process is usually completed within 8 weeks from the date we receive your application form.
Next: Frequently asked questions
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Find an Independent
Financial Adviser
www.unbiased.co.uk