Your Questions Answered
Your questions answered
- What is equity release?
- How do I find out if equity release is suitable for me?
- What is the difference between a home reversion plan and a lifetime mortgage?
- How long will it take to complete?
- Can I still apply for equity release if I have an impaired life?
- I spend a lot of time out of the country; can I still apply for equity release?
Equity release is a retirement solution, helping to make the retirement years more financially comfortable. It allows homeowners to raise money from their property, as a lump sum or a regular income, whilst providing the right to remain living in their home until death or a move into long term care.Back to top
Equity Release companies are regulated by the Financial Conduct Authority (FCA). In order to understand in detail the plan which is most suitable for you, and the implications of releasing equity from your home, you must receive financial advice.
Bridgewater Equity Release Limited is regulated by the FCA to provide home reversion plans. As Bridgewater does not offer advice, if you do not already have an adviser authorised to advise on equity release, click here to link to Unbiased to find one suitable for your personal circumstances.Back to top
With a home reversion all, or a percentage, of the property is sold for a cash lump sum. The percentage you retain will remain the same regardless of any change in property values, unless you decide to release further equity. The Reversion provider takes legal title of the property (your remaining share is protected by a Declaration of Trust). Under an Equity Release Council (ERC) approved Home Reversion Plan, you have the legal right to live in your home for as long as you choose.
A lifetime mortgage is a loan secured on your home where interest is rolled-up to be paid when the scheme ends. However, with some plans, regular repayments can be made, therefore reducing the amount owed. ERC approved loans offer a No Negative Equity Guarantee. This means that if property prices do not rise sufficiently and the debt exceeds the value of the property at the end of the plan your estate are not required to repay the difference.Back to top
This is influenced greatly by your choice of solicitor and adviser. Subject to you appointing an experienced adviser and solicitor specialising in Equity Release it is possible to complete the plan within 6-8 weeks of application. For more information on solicitors who are members of the Equity Release Solicitors Alliance (ERSA), click here.Back to top
Yes. This is something your adviser will discuss with you. Bridgewater do not offer enhanced rates for impaired lives.Back to top
As long as your UK home is your main residence and you do not do anything to invalidate your buildings insurance, you should still be able to take out a Bridgewater home reversion plan. For further information please speak to your financial adviser.Back to top