Once we have established if you eligible and once we have run through the alternatives to Equity Release we will guide you through the application process and will be there for you to contact at any time if you have any queries.
The Main Application Steps To Equity Release
We will provide you with independent advice following a fact-finding session usually face to face and we encourage any potential beneficiaries such as family members or those intending to benefit from the estate on death to also be present. Once we are then satisfied that Equity Release is suitable and there are no suitable alternative options we will research the market for you and provide you with our recommendations in writing. If you are then happy and wish to proceed we will assist in completing an application and provide you with a copy.
The lender will organise an independent valuer to assess your home and determine its market value. Typically, your home will need to be worth at least £60,000 to be eligible.
The Legal Process
Just as you would not dream of buying a home without seeing a solicitor, it is important to seek legal advice before raising a loan against your property. You should appoint your own independent solicitor who will act on your behalf throughout and ensure that you fully understand the process at every step.
It usually takes about 6 – 8 weeks from your application for you to receive your lump sum, or the first of your monthly income payments.
You will have an obligation to have buildings insurance in place and to maintain your property in reasonable condition.
This Website refers to Home Reversion Schemes and Lifetime Mortgages. To understand the features and risks, ask for a personalised illustration.
For details of how we can be paid, please see our How Much is it page.
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Freedom Equity Release Limited is a trading name of Willcox Financial Limited who are an appointed representative of Sense Network Limited which is authorised and regulated by the Financial Conduct Authority.
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