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We, at the Equity Release Warehouse, want to help you to get the most out of our site. Please view the FAQ (Frequently Asked Questions) below for information on using our website.
I’m considering equity release – What should I do now?
The Equity Release Warehouse is a comparison site that focuses on equity release schemes approved by SHIP . This website was created to show you how you can easily unlock the cash from your home with equity release and helps you to get information on the topic and to find competitive equity release plans. Please seek independent specialist advice for a personalised illustration.
Why should I get independent specialist advice?
When considering a big financial commitment like equity release, we suggest you get expert help to fully understand the advantages and disadvantages. There are a variety of equity release schemes and a trained and qualified specialist adviser will be able to tell you all about them. Getting the support of an independent specialist adviser also means that you have access to a wide choice of equity release schemes, since the adviser is not limited to a specific provider. This makes it possible for you to get a suitable recommendation of a competitive plan. Such individuals would explain clearly any fees involved in their service.
Am I at risk when house prices change?
All SHIP (Safe Home Income Plans) approved plans come with a "no negative equity" guarantee that protects you against the negative impact of falling house prices. This feature ensures that you will never owe more than the value of your property. You still continue to benefit from any rises in house prices, adding to the value of your home, unless you’ve released all of the equity already with a home reversion plan.
When do I have to repay the loan?
With an equity release scheme there are typically no monthly repayments required. The loan is repaid when the house is finally sold, which usually happens on your death or when you move into long term care. If you have a partner, he or she could remain in the home, since both partners obtain the right to stay in your home for as long as you wish. There is commonly the possibility to repay the loan early, but some providers apply an early repayment charge in that case.
I’m receiving state benefits – Would equity release affect them?
Receiving extra money through an equity release scheme could have an impact on your entitlement to state benefits. You should seek the help of an independent specialist adviser who can create a personalised report and show you how equity release will affect your current situation.