Home Plus FAQ

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What is equity release?

Assuming there is equity in the property, i.e., the value of the property is greater than the mortgage outstanding, it is a financial solution that allows homeowners to raise money from their property as a lump sum.

What is a home reversion plan?

A Home Reversion Plan allows you to access part (typically up to 70%) of the value of your property while retaining the right to remain in your property for the rest of your life. With a Home Reversion product, the provider will purchase typically up to 70% of your house taking into account your age and will provide you with a cash lump sum and a lifetime lease, giving you the right to stay in your property for the rest of your life subject to you meeting the terms and conditions of the plan.

How do I find out if home reversion equity release is suitable for me?

You can try out our quick calculator on this site and contact us directly by email or phone, but in order to understand our plan in detail and whether it is suitable for you given your circumstances, your next step is to receive financial advice from a Qualified Financial Advisor (QFA). Please click here to find a QFA. Note: Home Plus is not permitted to offer advice on our plans.

How much can I release?

The cash lump sum depends on several factors: your age(s); the current open market value of the property; the share being retained in your home; and a monthly payment (where applicable). For an indication of how much you can release please use our quick calculator.

Why don’t I get “full market value”?

A full market valuation is based on no one living in the property, ie the property is sold vacant. The amount you receive is based on the fact that you continue to live in your home for the rest of your life or until you enter long term care, (subject to the terms and conditions of the plan), and as such the value is adjusted to reflect this fact.

How long will it take to receive my money?

We have found through our experience this is influenced greatly by your solicitor. Typically a conveyance of this nature would take up to 12 weeks to complete.

What can I use the funds for?

The funds are yours to do with as you wish.

What happens if I still have a mortgage?

If you have a current mortgage or any legal charge on the property this would need to be paid off using the funds released from your home reversion plan.

Will I have to pay tax on the money raised?

Any tax liability will depend on your own circumstances, you should procure independent tax advice if you are unsure of your tax liability.

Am I Responsible for any charges relating to my Home Reversion Plan?

There are some upfront costs which are laid out in detail as part of your full quotation. These may include the cost of your independent solicitor and property valuation amongst other items.

Do I need to use a Qualified Financial Advisor?

Yes, it is essential that you consult a Qualified Financial Advisor (QFA) before applying for a Home Reversion Plan. It is important to consider all the options on the market and consider the benefits and grants which may be available.

Do I have to instruct a solicitor?

Yes. You must take independent legal advice when taking out a home reversion plan and engage a solicitor on your behalf to complete the plan.

Can I choose my own solicitor?

Yes. You can choose your own solicitor to represent you when taking out a home reversion plan. If you don’t have a solicitor, we can provide you with a panel of solicitors which you can choose from who are trained and experienced in Home Reversion.

Will I still own my property?

With a home reversion plan you are choosing to sell a part of your home, while retaining a remaining share , subject to complying with the terms and conditions of the plan. The Title Deeds are amended to reflect the plan and your share is held by Home plus as trustee. This is then registered with the Property Registration Authority.

What is a lifetime loan?

A Lifetime Loan is a mortgage loan secured against your home. You do not sell a share of your home. You borrow a cash sum using your house as security. You can use this money as you wish. This type of loan is designed to last for the rest of your life. There are no regular repayments to be made. It becomes repayable if you sell your home or after you die or permanently cease to reside in your home.

What happens should I need to move into long term permanent care?

If you need to move into permanent long-term care, we will need written confirmation from you or your personal representative. We will then arrange for your property to be placed on the market for sale. If you entered into the plan with a spouse, and only one of you needs to move into long term care, the other plan holder can remain in the home for the rest of their lifetime, until they need to move into long term care, or they decide to sell the home. If there is a change in your circumstances by virtue of your partner moving into long term care an amendment may be possible to your plan. Please let us know to ensure that we can address the new circumstances.

What happens to my plan after I die?

If you entered into the plan with a spouse or partner, upon the death of the first plan holder, we ask that they let us know and send us a copy of the death certificate, so we can update our records. Upon death of the “last homeowner” the executors of your estate need to notify us and provide us with details of the solicitor dealing with your Estate. We will arrange for the property to be valued and placed on the open market. Once a sale is completed the proceeds will be split in accordance with the percentages owned between Home Plus Group and the original homeowner.

If I choose a plan with monthly payments will they change over time

Generally monthly payments are adjusted in line with CPI (inflation) and can be stopped at a certain age where agreed at the offset of your plan. Your QFA will advise you of the different options and the benefits and obligations attached to each one.

If I choose monthly payments, what happens if I can’t afford them?

This shouldn’t be the case as we thoroughly evaluate your affordability prior to the start of a plan. Also, should your circumstances change during the agreement and you are having difficulties making your monthly payment you should contact us without delay. We will work together with you to find a solution. However, you should be aware that, in the worst case, you may be at risk of diluting or losing your share in the home for non-payment of monies due.

Can I move to a different property once I have taken out a plan?

Yes, our plans allow you to move home should you decide to do so in the future. The homeowner can either sell their share at market value to Home Plus or the property may be sold, and the shares divided accordingly per the terms of the agreement. Costs of the sale of the first property, will be split pro-rata by original share. Costs relating to the move to the new property are the Homeowner’s responsibility.

Can I choose which surveyor values my home?

Yes. Please note Home Plus has a standard valuation form and must be completed by a suitably accredited individual.

Do I need to consult my family before proceeding?

This is a personal matter for each homeowner. We recommend you discuss your plans with your family before making an application. Your qualified financial advisor may ask that some of your family members attend the meeting with you.

What happens if my partner dies and I can no longer afford the agreed monthly payment?

As indicated previously, please notify us of any changes in your circumstances, and we will discuss and address your change of circumstances with you. We will endeavour to adapt to new circumstances.

Can I leave some inheritance?

Yes. typically we buy 70% of your home, this may increase to 95% in exceptional circumstances. You therefore will retain a minimum 30% share in your home (or 5% by exception) which will form part of your estate upon death.

Can I still keep the deeds to my house?

The Amended Title Deeds, with relevant shares will be registered with the Property Registration Authority. These deeds will be retained in safe storage by an independent third party.

Can I end the plan early and buy back your share of the property?

It is possible for you to buy back Home Plus Group’s share of the property at a later date. If you think you may wish to buy your property back in the future it is important you discuss this with your advisor.

Why do I need to complete and return the Home Plus “Home Check” Form annually?

To ensure you are observing the terms and conditions of the plan, each year we need you to confirm that you are still living at the property and there is no one else living in the property with you. We also need confirmation that you have building insurance and have maintained your home to the required standard. This is also an opportunity to update your legal advisors and next of kin details should they change.

Who is responsible for maintenance and insurance?

As you are living in the home, you remain responsible for the day-to-day maintenance of your property (for example, decorating and repairs) together with the property insurance and all bills and taxes.

What happens if maintenance work or alterations are needed to my home?

It is the homeowner’s responsibility to maintain the property to a reasonable standard. If you require any alterations to your property, you must firstly obtain our written consent, which will not be unreasonably withheld. Any request must be sent in writing with full details of the works involved prior to them being undertaken. We will then decide and notify you in writing where we consent to such works. If you are in any doubt about the requirements here, then feel free to call or email us and one of our team will be happy to help you. Please note: Minor decoration or repainting does not require a request. Only when there are material alterations being made, do they require our consent.

I pay for my buildings insurance, why do you require a copy each year?

As joint owners of the property it is important to ensure the appropriate buildings insurance cover is in place with Home Plus noted as a beneficiary.

What if a relative or carer wants to live with me?

We normally allow a relative or carer to move into the property. You should notify us before they move into your property as they will be required to sign a Letter of No-Tenancy, and an undertaking that they will vacate the property within 1 month of your death or moving into care.

Can I rent a Room?

You can rent a room in your property if you wish. We just need to ensure your tenant signs our letter of No-Tenancy.

How do I release more money from my home?

You can apply to us to release further equity from your property at any time.

What happens if I miss a monthly payment?

Where a direct debit payment is returned as unpaid, we will contact you to make arrangements to collect the payment. We will consider other methods of payment, such as debit or credit card, however additional charges may apply. A charge may be levied for unpaid Direct Debits in line with the schedule of charges. If payment arrears persist, we will endeavor to make contact with you to understand your circumstances and find a suitable solution. If no action is taken on your side however, we may have to instruct our solicitors to deal with any claims. In a worst case, you may be at risk of diluting or losing the share of your home.

Can I change the date of my direct debit?

Yes, please note, there may be an administrative fee.

Is my pension affected?

this will depend on your own circumstances, but you should check all this information with your qualified financial advisor and your local welfare officer.

Does my plan change if my property rises in value?

Your plan does not change based on a rise in property value. You will of course benefit in the rise in property prices for your share of the property.

Does my plan change if my property decreases in value?

Your plan does not change based on a fall in property value. You will of course share any decrease in value based on your share of the property.

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