Can I move home after using equity release?
Your ability to move after taking out an equity release scheme will depend on the type of product you opted for.
Most lifetime mortgages can be transferred between properties. That said if the new property you wish to purchase is worth less than the value of the property you used for equity release you will have to repay a portion of your lifetime mortgage before it can be transferred to the new property.
A home reversion plan is not portable as you’ve effectively sold all or part of the property. If you choose to the leave the property the reversion company will be able to sell it and proceeds due to you, if any, may not be enough to buy another house.
If you feel that equity release may be right for you, or if you’d just like to know more you can call 0800 622 6035 or request a call back. One of our team will be able to discuss with you your circumstances, review your eligibility and, if appropriate, arrange an appointment for you with an adviser.
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