What Constitutes a Pre-existing Medical Condition?
Equity release is a financial scheme that allows homeowners, typically those aged 55 or older, to access the equity tied up in their properties without having to sell their homes. There are two primary forms of equity release: lifetime mortgages and home reversion plans.
Medical Conditions Include:
- Chronic Illness:
- Joint and Bone Inflammation:
- Mental Health Issues:
Equity release can offer financial flexibility in case you are retired, but it’s essential to consider the impact on your estate and inheritance for your loved ones. Get advice from our localised mortgage senior experts on your personal situation before booking anything! It’s always better to get an experts opinion on such personal finance matters.
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The minimum age for equity release is typically 55 or 60, but it can vary depending on the specific plan and provider. It’s essential to check with your chosen equity release provider for their age requirements.
Your home must meet a minimum value threshold of at least £70,000 and it’s in reasonable condition.
In most cases, equity release plans typically allow a maximum of two applicants. These applicants are usually the homeowners who jointly own the property for which the equity release is being considered
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Typically, you can expect to receive between 20% and 60% of your home’s market value (or the portion you decide to sell). When contemplating a home reversion plan, it’s essential to consider:
– The possibility of releasing equity in multiple payments or as a single lump sum.
– The minimum age requirement for initiating a home reversion plan.
Although there aren’t inherent dangers or pitfalls, it’s vital to recognise that equity release will diminish the inheritance you can pass on to your loved ones. Similar to conventional mortgages or borrowing arrangements, you’re obliged to repay the borrowed amount, along with the accumulating interest, at a later date. It’s a financial commitment to be aware of.
Typically, the repayment of the lifetime mortgage occurs when the house is sold. If you decide to move into long-term care, you or your solicitor will oversee the sale process. In the event of your passing, if you have a will, an executor will handle the sale, or if you don’t, administrators will manage it. Any remaining funds from the sale belong to you or your estate.