Questions And Answers

Why choose equity release?

The majority of older people own their own home and with the surge in house prices over the last decade, many will have a vast amount of capital tied up in their property. Equity release is a way of freeing up some of that capital and people can spend the money however they choose. It can also be a good way of planning for IHT liability.

What’s different about Partnership’s equity release products?

We individually underwrite each application and work out how much we can offer on the basis of the applicant’s actual life expectancy, as opposed to using the standard mortality tables for their age group and gender. This enables us to provide significantly higher cash sums over standard providers. Generally, the older the applicant, the more they can expect to receive and those with more severe health problems will get more than those with only minor conditions.

Who qualifies?

The Home Reversion Plan is available to people with moderate to severe health conditions from the age of 55 and from age 60 for those with more minor conditions. Maximum age on application is 90.

Can people move home once they’ve taken out an equity release plan?

They are free to move to another eligible property at any time. The relevant product literature contains full details of what constitutes an eligible property and details any financial penalties that may be involved.

What happens if the client has to go into long term care?

If the equity release plan is in joint names, the other person can remain in the property for as long as they wish.

If the plan holder is the sole occupier then the property will usually be sold.

Occasionally people move into residential care on a temporary basis and move back into their own home at a later date. These cases are considered on an individual basis.

Will an equity release plan affect any means tested benefits that the applicant is entitled to?

Any income received form releasing equity in the home may affect eligibility for grants and other State benefits. It will depend on the individual’s personal circumstances and the amount of equity released, as well as for what purpose it is used.

How do I apply?

If you are a consumer or have enduring Power of Attorney, you should speak to your Financial Adviser.

Financial Advisers can visit the adviser only section of the website here for further information.

What standard commission rates do you pay?

Home Reversion Plan: 3% of the cash amount.