Frequently Asked Questions
How much can my client borrow?
The amount of cash we’re able to advance to customers depends on a few things including the value of their home, their gender and age when taking out a plan. In general terms the older your client is the more they will be able to borrow as their life expectancy is shorter. Please see the individual product leaflet for more information.
My client is in poor health, can they borrow more?
As the lump sum available from an equity release plan depends on a number of factors, one of which is life expectancy, your client may be able to apply for enhanced terms. Please contact the Broker Support Unit for more details.
Should my client release the maximum cash sum they are allowed?
Your client should only take the maximum amount if they really need it. The more equity your client releases from their home the higher the cost to them.
Can my client take more if their property increases in value?
Further advances are available, generally after three years and subject to a survey and the prevailing lending criteria at the time.
Who will own my clients property once the equity release plan is completed?
With a Lifetime Mortgage the ownership of the house remains with your client. However with a home reversion plan part of the ownership of your clients home will belong to Hodge Lifetime.
How does the rolling up of interest work?
On lifetime mortgages no repayments are made through the period of the loan but interest is added to the amount owed each month and paid when the loan is redeemed. Interest is charged at a fixed rate set at the time of application, calculated daily and added to the loan each month.
Will I be responsible for the upkeep of the property?
All our equity release schemes require your client to ensure that:
- Their property is maintained and kept in good repair
- All property related bills such as council tax, service charges, heating and insurance are paid by your client
What happens if my client wants to move house?
If your client wants to move, then they should be able to take their equity release plan to a new property if it meets our lending criteria. However if the property is of a lower value, the terms of their equity release plan may need to be reviewed. Further details will be provided in a personalised illustration.
Please remember that your client will of course have to meet the costs of moving house.
Will taking out an equity release plan affect my clients tax position or their entitlement to certain state benefits?
Depending on your clients personal circumstances it could affect both.
Does my client need to involve their family when making a decision?
It's not a requirement but it is important to consider discussing their plans with their family as any future inheritance will be affected.
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Find out more about
Hodge Lifetime by calling our
Broker Support Unit on:
0800 731 4076