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Can I move home with an Equity Release Mortgage?

smiling older woman holds key for new home

This is a very common question asked by homeowners who are considering a Lifetime Mortgage product, and it is an important one to ask.

Do I still own my home with Equity Release?

Yes. You are still the owner of your home, even if you have a Lifetime Mortgage secured against it.

The equity release lender does not own your property, they simply register their financial interest in your property by way of a charge which is registered with the Land Registry Office in the same way as a standard mortgage lender does.

This charge grants the lender the right to recover their money if you sell the property or the mortgage is not repaid within 12 months after the surviving applicant moves into long term care or passes.

Can I move house with Equity Release?

Yes. We only recommend mortgages from lenders who are members of the Equity Release Council and therefore their mortgage products must adhere to a set of minimum standards, one of which is:

The client must always have the right to move to another property subject to the new property being acceptable to the product provider as continuing security for the equity release loan.

By seeking guidance from a professional adviser who specialises in Equity Release, you can ensure you are getting the right product for your needs, from a reputable lender who holds membership with the ERC, covering you for all eventualities.

North East Equity Release can help you to find the right Equity Release product for your needs. Get in touch today.