Equity release

Waxelwools

Hi, thinking about equity release, (no mortgage and aware of all types etc) but also aware my partner would have to leave the house if i died or went into care as the house is in my name. Does anyone know if the best way round this would be to add his name to the house deeds  then go for equity release? 

Brie

I'd start by asking the equity release firms whether this is true that he would have to leave.  Afterall there are lots of couples with only one on the deeds for various reasons so it wouldn't be the first time this has come up.  Or perhaps it's something that their required adviser would warn you about.

MWT

There are some aspects of equity release that I have never found to vary...

All people on the deeds have to be on the equity release loan and all must reside in the property.

Anyone not on the deeds cannot be on the equity release loan and must sign a residency waiver, so would have to vacate the property upon the death or entry into long-term care of the life on the equity release loan, unless they can repay the loan+interest in full at that point in time.

MWT

Waxelwools said:

Hi, thinking about equity release, (no mortgage and aware of all types etc) but also aware my partner would have to leave the house if i died or went into care as the house is in my name. Does anyone know if the best way round this would be to add his name to the house deeds  then go for equity release? 

What are your ages?

If your partner is younger than you, having them on the deeds and hence the loan will have an impact on the amount you can borrow, and if they are under 55 then it would prevent you proceeding at all...