How Long Does It Take To Arrange Equity Release -July 2020
This video How Long Does It Take To Arrange Equity Release answers a popular question of "When will we get the money?" Also the need to consider your will and testament arrangements along with the subject of Lasting Power of Attorney.
The timescale for Lifetime Mortgages is usually about eight weeks or so.
Although you might see many ads on the internet or TV about Equity Release, you can't just phone them and arrange it directly.
After your enquiry is received a qualified Equity Release adviser would call you to arrange a face to face meeting ( During the Corona virus restrictions, these meetings are being arranged through Skype, Zoom or similar platforms) and would discuss your requirements and advise you dependant on your circumstances.
He would then recommend a suitable product and explain it to you. When an offer was made by the provider you would have to consult with a solicitor to have it all explained again along with your rights.
The whole thing should be concluded in eight weeks with the cash deposited in your bank tax-free. The reason that it is tax free is because it is a loan, a debt, and you don't pay tax on a debt.
Make sure to talk to your adviser about your will(s) and be clear about the Inheritance Tax position which of course can be affected by the mortgage, in that the loan will reduce your equity and thereby reduce the value of your estate.
You should also consider appointing Lasting Powers of Attorney to be able to take financial decisions should you lose mental capacity. (You cannot draw down any remaining agreed amounts if you lose mental capacity, but your LPA can draw it down for you).
So a few things to think about, but not to worry about because your adviser will cover all these points.
Equity Release is a sound concept and can be suitable for many people.
Please visit my blog https://www.explainingequityrelease.c... for more information.
Please feel free to comment below or telephone me with any questions.
Here is a summary of the 20 videos in this series available to view now.
Who Is Pat Cunningham and Why Is He Explaining Equity Release ?? • Who Is Pat Cunningham & Why Is He Explaini...
What is Equity Release ?– July 2020 • What is Equity Release? -July 2020.
Equity Release - What is Compound Interest in a Lifetime Mortgage ? - July 2020 • Equity Release - What is Compound Interest...
How do you qualify for Equity Release? - July 2020 • How do you qualify for Equity Release? - J...
Equity Release Safeguards and Guarantees - July 2020 • Equity Release Safeguards and Guarantees -...
Getting Permission from Occupants for Equity Release - July 2020 • Getting Permission from Occupants for Equi...
How Long Does It Take To Arrange Equity Release ? - July 2020 • How Long Does It Take To Arrange Equity Re...
Equity Release Early Repayment Charges - July 2020 • Equity Release - Early Repayment Charges -...
What Happens with Equity Release when You Enter Long Term Care ? - July 2020 • Equity Release - What Happens When You Ent...
What Happens with Equity Release when You Die ? - July 2020 • Equity Release - What Happens when You Die
Can You Still Move Home with Equity Release ? - July 2020 • Can You Still Move Home with Equity Releas...
Equity Release - How Much Can You Borrow ? - July 2020 • Equity Release - How Much Can You Borrow ?...
Equity Release - Home Reversion Plan - July 2020 • Equity Release - Home Reversion Plan - Jul...
Equity Release - Retirement Interest Only Mortgage (RIO) - July 2020 • Equity Release - Retirement Interest Only ...
Equity Release & The Importance of Making a Will - July 2020 • Equity Release & The Importance of Making ...
Equity Release - Lasting Power of Attorney - July 2020 • Equity Release - Lasting Power of Attorney...
Equity Release – Inheritance Tax • Equity Release - Inheritance Tax
5 Equity Release Myths Dispelled • 5 Equity Release Myths Dispelled
10 Equity Release Reasons • 10 Equity Release Reasons
Equity Release Explanations Conclusion • Equity Release Explanations Conclusion.