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How does equity release work?

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Checked for accuracy and updated on 21 September 2022

Equity release allows homeowners over the age of 55 to unlock the value of their property without the need to sell or downsize.

In principle, equity release schemes come in two formats:

Lifetime mortgages are a type of mortgage secured on your property which can be your main residence, second home or even a holiday home.

Homeowners continue to own their home and can choose either a single cash lump sum, income or take smaller chunks of money over time – known as drawdown. All the money released is tax-free and the homeowners get to stay in their property until they die or go into long-term care.

The money raised from any equity release scheme can be used for any legal purpose: from home improvements to clearing existing debts or mortgages.

And if it’s just some extra funds needed to buy a new car or a once-in-a-lifetime trip, that’s fine too – we never tell you what to do with your money.

Or

Home reversion plans allow you sell a percentage of the value of your property in return for a tax-free cash lump sum, or series of capital amounts. The home reversion provider offers a lifetime tenancy to the homeowners, enabling them to live rent free in their home for the rest of their lives.

Although home reversion has a minor role in today's equity release market, they still provide peace of mind as a way of releasing tax-free cash AND guaranteeing an inheritance for your beneficiaries.

What’s the equity release application process?

At Equity Release Supermarket, we provide a transparent and customised service which sees our experienced and friendly advisers guide you through the whole application process. From initial research to the successful release of funds at completion, you can rely on our team to explain everything in a language that’s easy to understand.

Here is a guide to explain the equity release application process:

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1 Advice and recommendation

The first part in the equity release process is to have a free initial consultation with one of our advisers. They will provide you with a personalised suitability report based on your circumstances and products currently available in the market.

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2 Application

Following acceptance of our recommendation, your equity release adviser will complete an application form, collecting supporting documentation and identification. Our new business team will then forward your file onto the equity release provider.

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3 Valuation report

Upon receipt of your application, the lender will instruct a local independent surveyor to contact you and arrange a mutually convenient valuation of your property. The surveyor will conduct a market appraisal, advising its current value and condition for security purposes. The outcome of this report will determine how much equity can be released.

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4 Conveyancing and legal

Your appointed equity release solicitor will be responsible for dealing with the legal process. They will liaise with the lenders’ solicitor and fill out an initial questionnaire about you and your property. You will then receive an offer from the lender, along with a Solicitor's Certificate.

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5 Offer made

Once the lender deems the surveyor’s valuation report satisfactory, you will be sent an equity release offer. This confirms the terms and conditions of the mortgage, including the rate, charges and amount borrowed. The original offer is sent to your solicitor, requiring a signature in the presence of your solicitor during a face-to-face meeting.

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6 Completion

Finally, when the lender’s solicitors have completed their final checks of all the legal paperwork, they will set a completion date. The funds released are sent to your solicitor initially with any charges deducted. Dependent upon your preferences, the net amount will then be forwarded to your nominated bank account or posted via cheque.

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7 Enjoy the proceeds!

With the funds released, you are now free to spend the equity release proceeds in whatever way you wish. Equity Release Supermarket prides itself on service, so we will always try to check-in on an annual basis to make sure the plan remains competitive.

What our happy customers have to say about our equity release advisers

Was smooth from the 1st conversation. Everything was explained fully & this carried onto the solicitors who were also very... READ MORE

Mr & Mrs W - Leeds, Yorkshire

Andy is easy to talk to and explains things in a very understandable, straight forward way.

Mrs & Mrs W - Dorset

Phil was friendly, but very professional, and went through the whole process, and its implications in great detail and to... READ MORE

Mrs E - Wetherby, Yorkshire

I cannot recommend Sara highly enough – dealt with her for the last 10 years. She is not only a fantastic person to partner... READ MORE

Mr and Mrs M - London

Andrew was an excellent adviser, extremely patient and willing to visit on more than one occasion.

Mrs B - Plymouth, Devon

Very easy, very helpful, excellent service. Our adviser Allen Tomlinson was very clear with all his advice & explained everything... READ MORE

Mr & Mrs M - Hailsham, East Sussex

I want to say thanks for the excellent service I received, Jo gave me help and advice with a smile.

Mrs F - Camberley, Surrey

It's nice to be able to say that Gareth Humphreys, besides being very knowledgable & most patient, became a friend.

Mr W - Potters Bar, Hertfordshire

Glen was very good explaining everything to us, made us feel at ease with absolutely no pressure.

Mr F - Cheltenham, Gloucester

Was very easy to sort out all the information. Lauren was fantastic with her help.

Mrs M - South Tyneside

Everything went through far more quickly than I anticipated, and with a lot less hassle than I had expected too! Everyone... READ MORE

Mr H - County Durham

Barry Wilderoder is a star performer! He was thoroughly supporting. A very pleasant, experienced person to meet & deal with.... READ MORE

Mr & Mrs N - Leiston, Suffolk

Excellent service. Derek Wren explained everything we needed to know in a friendly manner.

Mr & Mrs C - Isle of Grain, Kent

‘In these uncertain times, John's support and extensive knowledge have been outstanding. My husband and I have previously... READ MORE

Mr & Mrs J - Cardiff, Wales

Hannah was excellent and very professional and knowledgeable.

Mr & Mrs L - Chislehurst, Kent

Sue appreciated that we had carried out extensive research ourselves so was able to aim our discussions at the appropriate... READ MORE

Mr & Mrs H - Morecambe, Lancashire

Very helpful, efficient & all went smoothly. Rob was very professional & helpful at all stages of the process.

Mr & Mrs P - Southampton, Hampshire

Extremely satisfied. Darren King was most helpful & always on time when visiting me. All went smoothly & quickly.

Mr F - Burntwood, Staffordshire

What was a major decision for us to proceed was made much easier by the professionalism & quality advice provided by everyone... READ MORE

Mr & Mrs K - Harrogate, North Yorkshire

Dan was very polite and professional. He took his time to really understand what we were looking to do and took onboard any... READ MORE

Mr & Mrs F - Skipton, North Yorkshire

Compared to the big firms i.e. Key & Age Partnership, your firms advice was top notch. We are very impressed with our advisers... READ MORE

Mr & Mrs G - Ewerby, Lincs

The adviser - Brian Rees explained in detail & easy to understand language, the various plans available. Very down to earth... READ MORE

Mr W - Fishguard, Pembrokeshire

We found Hazel easy to talk to and she explained every detail regarding us taking out a lifetime mortgage. This was not a... READ MORE

Mr & Mrs B - Warwickshire

Before actually ringing, I was very concerned about how stressful the whole procedure would be. Marc made it clear from... READ MORE

Mrs C - Exmouth, Devon

Gary, a very honest hard working gentleman who has been with me for 3 very difficult years. With Gary's wonderful support... READ MORE

Ms B - Kent

It was a pleasure to deal with someone who tells you what will happen, and it actually happened and was so quick and straightforward.... READ MORE

Mrs C - Colchester

I cannot praise Simon enough. He was brilliant all the way through the process, answering our questions, keeping us upto... READ MORE

Mr P - Llansantffraid, Powys

Once again, may I thank you for all your help in sorting out the Equity Release - it was a very professional service that... READ MORE

Mr T - Croydon, Surrey

Compared to Age Partnership who we spoke to first re equity release, Simon's advice turned out much better. I feel Simon... READ MORE

Mr H - Stafford, West Midlands

Simon kept us informed throughout the process and is a very helpful and friendly adviser and person.

Mr & Mrs H - Wigan, Greater Manchester

My experience with Equity Release Supermarket has been good. Jennie Gray was efficient, but very professional in a friendly... READ MORE

Mrs S - Northampton

We shopped around and compared other providers. Equity Release Supermarket were by far the most 'personable' and professional.... READ MORE

Mr T - Great Sankey, Cheshire

From the start the service provided was very professional. I had a video appointment with an equity release adviser Tim who... READ MORE

Mrs G - Otley, West Yorkshire

We were very pleased with the service your company supplied. Mr Sykes was a great help guiding us through the paperwork.

Mr P - Telford, Shropshire

Very happy with the level of advice provided by Byron Mason, neither too much, nor too little.

Mr & Mrs K - Milton Keynes, Buckinghamshire

I thought Sara was extremely helpful and professional. Very good meeting.

Mr and Mrs R - County Durham

A clear straightforward and quick process knowing exactly what costs were involved through set fees rather than %. Our thanks... READ MORE

Ms W - Irvine, North Ayrshire

Would recommend to anyone. My adviser Will Massey made everything easy to understand and would recommend him.

Mr F - Bath, Somerset

A total pleasure to deal with, thank you so much for finding us the perfect product! Nothing but complete professionalism... READ MORE

Mr & Mrs T - Pinner, London

Our experience was trouble free from the outset, in a friendly, considerate manner. Our adviser guided us through the process... READ MORE

Mr & Mrs H - Thornton Cleveleys, Lancs

How long does the equity release application process take?

A lifetime mortgage scheme usually takes somewhere between 4 to 6 weeks to complete, while a home reversion plan is more like 8 to 10 weeks, assuming the title on the house is clear. How long this takes will also depend largely on how efficient and experienced your solicitor is.

Applying for equity release involves legal work, which should be handled by a solicitor with expertise in equity release. This can help to avoid any potential delays in your application.

Equity Release Supermarket can provide a panel of qualified equity release solicitors to choose from, who can handle your application. All these solicitors offer a home visit if required and a competitive pricing structure, backed up by a 'no completion, no fee' guarantee.

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