How Does It Work

There are three easy steps to getting an equity release mortgage

If you find the prospect of applying for equity release daunting, it is best to speak to a professional equity release advisor, like Sally Walls, who can help you decide whether equity release is right for you, by giving you advice and putting forward the application. The first step is to get qualified and professional advice, involving a family member or friend to accompany you to any discussions is positively encouraged. The advisor will assess your eligibility and discuss your needs, goals and whether an equity release is your best option or not.

Then you can move on to step two, which is valuation and offer, if the advisor’s recommendation is suitable for you the advisor will help you to apply for your chosen product. It is important at this stage that you have a solicitor involved who is experienced with equity releases as they will represent you and provide impartial legal advice. The lender you are applying to will plan with you to evaluate your property and when they have done this and approved your application, they will send their offer to your legal representative. Again, at this stage, you will need to take time to discuss their offer with your legal representative before deciding.

Step three, if you are happy to accept their offer your solicitor will receive the money first and use it to repay any debts on the home before releasing it to you. The money you receive is yours to use as you wish. The loan will normally be paid off using the proceeds received from selling your home either on your death or entry into long term care.