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bigger textFAQs
If you would like to know more about the differences between the Homewise Lifetime Lease and Equity Release Products we have outlined below some of the commonly asked questions and answers.
- Equity Release Questions
Equity Release Questions
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Can I move home with equity release products
In most circumstances you release equity against the value of your existing property. Depending on the plan you may or may not be able to move home at a later date. The advantage of the Homewise Lifetime Lease is that you choose the property you wish to move to, ensuring you are in the right home for now and the future. If you wish to move at a later date you are free to do so under the terms of the Lifetime Lease.
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Are there any interest payments to make with equity release products?
A number of Lifetime Mortgages will require you to pay interest on the loan each month. The alternative to this is the rolled-up mortgage where interest is added to your loan each month which is then payable in full when your property is sold.
One of the many benefits of the Homewise Lifetime Lease is that you pay a one-off payment when you first move in. There are then no interest or monthly payments to make. This means budgeting becomes much simpler and any money left over from the sale of your previous property is yours.
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Is there a minimum property value with equity release?
Many Lifetime Mortgages and Home Reversion schemes impose a minimum property value. The Homewise Lifetime Lease imposes no such restrictions, although all properties are subject to valuation.
