Jargon Buster
A B C D E F G H I J K L M N O P Q R S T U AllTime scale
Most Equity Release plans take on average 6-8 weeks to complete once you have accepted the offer.
The time from your initial enquiry to completion can be more than 6 months.
This reflects the fact that Equity Release can be the biggest decision facing you, the homeowner, in your retirement.
Top Up Option
If you have taken out a Reversion plan but have kept a retained interest, you can, at a later date, revert or sell an additional % of your property and receive additional payments or increased income.
If you take out a Top Up Reversion, then you will benefit from higher rates based on age, as well as any increase in the value of your home.
If you have taken out a Mortgage plan you can also apply for further cash releases when you reach a set age. The amount released to you, will depend on the provider's lending criteria and interest rates at that time.
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