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How long does equity release take?

Article | Mar 2024

Equity release enables many homeowners over the age of 55 to unlock tax-free cash from the value of their home. It offers the potential to achieve a wide variety of goals, from funding dream retirement holidays and cruises to buying second homes and clearing existing mortgages.

Responsible Life has helped thousands of homeowners to unlock the benefits of releasing equity from their homes. Our team of expert advisers offer industry-leading advice on Lifetime Mortgages. We firmly believe that, before considering equity release, individuals should have access to expert insights about the process.

A crucial question that many homeowners ask is “how long does equity release take?”

In this article, we will explain the different steps there are to releasing equity from your property. We will also provide information on how long this process should take on average, from starting an application to getting your tax-free cash.

What are the different steps in the equity release process?

Embarking upon the equity release process could be the journey to your financial freedom. At Responsible Life we understand that considering equity release is a significant decision, and we're here to guide you every step of the way. Here, we have broken down the average steps that are involved in the process.

Enquiry and discovery

The first step is all about the discovery phase. This involves understanding how much you could get through equity release. You can use our free equity release calculator to see how much tax-free cash you could get from your home. Simply provide the age of the youngest homeowner and an estimate of your property’s value to receive your figures.

Speak with our Information Team

The next step is connecting with our Information Team to get more insight into our products and services. They'll help you to assess your early eligibility and, if applicable, arrange an appointment for you to meet with one of our qualified advisers. This initial consultation meeting will take place within 1-2 weeks and last around 90 minutes.

Receive expert advice

After gathering all the relevant information during your consultation meeting, your adviser will then prepare a research presentation for you. They will assess all options available to you and come up with a recommendation that works best for you and your family. That recommendation will be presented back to you, either by email, over the phone, or face-to-face, depending on your preference.

In the research presentation, the recommendation will include essential facts gathered by your adviser. This will involve presenting details on the cost of their recommendation, both with and without voluntary repayment options. They will also explore the impact of releasing equity, including that the value of your estate will be reduced and that your entitlement to means-tested benefits could be affected. You can then take ample time to carefully evaluate their proposal before making a decision on whether to proceed.

Make an application

If you choose to go ahead, once your application is in, you will need to instruct an independent solicitor to act on your behalf. The lender will also get in touch with you to schedule a valuation of your home. This survey will ensure that the initial estimate of your home’s value was correct.

Following the home survey, an offer will be issued by the lender and a copy sent to your solicitor. You can then finalise things by meeting with them. They will walk you through all the details within the equity release paperwork and ensure everything is clearly understood.

Receive your tax-free cash

Once the lender has received the signed contract/documentation and carried out their conveyancing work, they will send your cash to the solicitor. If you have an existing mortgage, this will need to be cleared first, and then your solicitor will release any remaining funds to your bank account. Only at this stage will a fee for our advice service be charged.

How long does the equity release process take from application to payout?

We have walked you through the equity release process here at Responsible Life. So, now you’ll be wondering how long it takes from application to payout.

The answer is that it takes, on average, between 8 and 10 weeks for our customers to complete the equity release process. This can vary depending on the complexity of your case, however.

Therefore, it could be that you are able to enjoy the benefits of your tax-free cash in as little as two months!

Take the next step to release equity

If you feel you have enough information to go ahead with equity release, you can schedule a call with our Information Team today! They can help you to kick start the equity release process and book in your no-obligation consultation with an adviser.

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