This depends on the type of equity release plan that is best for you.

The deeds, and therefore the ownership of the property, is transferred to the home reversion provider.
You would retain the financial interest in any part of the property not sold to the home reversion company.

You maintain 100% ownership of your property.

There are four main costs associated with setting up any equity release plan.

• Survey Fee - You pay this at the start when you submit your application. The amount usually depends on the estimated value of your property
• Application Fee - You pay this directly to the lender when your loan completes. This can either be paid from the funds released or added to your loan. This fee is typically £595
• Legal Fee - All SHIP (Safe Home Income Plan) members insist you receive independent legal advice from a solicitor. Your solicitor should offer a fixed fee for this service of between £400-£500
• Advice Fee - CCCS Equity Release Ltd has no fees for advice. Other companies’ advice fees are usually between £595-£2,000

As long as you adequately maintain your home and keep to the terms of the agreement, SHIP members guarantee lifetime tenancy in your property regardless of what happens to future interest rates, property values or investments.

The time taken to complete an application varies depending on each applicant’s individual circumstances.

You should allow approximately 4 – 6 weeks from the time you submit your application. The equity release company will send all funds directly to your solicitor.