HiP lets home owners unlock the wealth held in their property(s). This wealth can be used as they see fit or invested in other properties to get an income.
HiP UK will be regulated by the FCA*
And have an agreed licence for trading in the UK and Europe. *As we go live these permissions are being reviewed.
HiP UK is based in London.
HiP's 20+ staff operate from Camden, London. With registered address in Bristol.
HiP is award winning
We have won an awards and been shortlisted for more. We came second in the worldwide PropTech Innovation Awards and as Bronze in the Digital Impact award 2017 for “Best use of digital by sector”.
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Frequently Asked Questions
WILL EQUITY RELEASE AFFECT MY BENEFITS?
More than likely, yes. Means-tested benefits like pension credits and council tax benefits will certainly be affected.
There are services online to see what benefits will be affected and by how much. It’s an important aspect to consider, especially if you’re considering a scheme which allows you to draw down, thus adding to your monthly income.
WHAT ARE THE DOWNSIDES TO DOING A REVERSE HOME MORTGAGE?
Often, the process of arranging a reverse home mortgage will include costly upfront fees like application fees, monthly service fees and closing costs – which applicants could find difficult to pay.
A reverse home mortgage will also affect any pension credits and other benefits which you receive from the government. It’s important to see to what extent before applying.
WHY ARE REVERSE HOME MORTGAGES USUALLY THOUGHT OF NEGATIVELY?
While some homeowners consider reverse home mortgages as beneficial, there have been many reports in the press on the downsides of the schemes.
Many consider the over-55s as a largely vulnerable demographic to target a loan plan with a long-term commitment at. There is also the complicated small print, which some applicants might miss, but could have severe ramifications should they choose to alter their loan plan in some way.
WHAT CAN EQUITY RELEASE BE USED FOR?
When you enroll on a 55+ equity release scheme, you are free to do what you want with the money you receive, whether it’s a lump sum or an annuity.
WHAT ARE THE ALTERNATIVES TO EQUITY RELEASE TO TAKE INTO ACCOUNT?
There are a number of alternatives to equity release that are well worth considering.
Downsizing to a smaller home is popular. This way, you can benefit from the equity of your home by selling it, but also have the benefit of investing some of it into another property that you can call your own.
WHO REGULATES HOME REVERSION PLANS?
After a full public consultation amid reports of unscrupulous salespeople taking advantage of elderly homeowners with home reversion plans, the FCA were put in charge of regulating these schemes in 2004.
HOW DO I ACCESS MY EQUITY FOR CASH?
Simply by selling your disposable equity via the HiP platform. You simply put the amount of equity or %-age of equity you want to sell on the HiP exchange where investors will see your offer and either accept it or negotiate the price before completing the trade.
WHAT IS LIFETIME MORTGAGE?
Lifetime mortgages are the popular form of equity release. The borrower takes out a loan and the house is used as collateral. Compound interest is added to this amount, and the whole amount gets repaid when the homeowner moves into long term care or dies. This is usually paid through the sale of the property.
EQUITY RELEASE SCHEMES GOOD OR BAD?
One the plus side, equity release schemes allow you to live in your own home for the rest of your life, as well as provide a lump sum or regular income.
One the negative side, equity release schemes will reduce the amount of money you leave as inheritance, as well as affect any benefits you may receive from the government.
ARE REVERSE HOME MORTGAGES A SCAM?
There are a lot of stories in the press relating to elderly signing up to reverse home mortgage schemes that they didn’t completely understand or research. A large percentage of the over 55s (which equity schemes are aimed at) are vulnerable, and are therefore an easy target for equity release schemes.
CAN EQUITY RELEASE BE REPAID BEFORE DEATH?
In theory, yes, but at a great expense. Equity release schemes are intended to be long term commitments, not short term loans. This means that the loan and any interest it accrues will be paid either when you move into long term care or in the event of your death.
HOW MUCH WILL EQUITY RELEASE COST ME?
Equity release is notoriously expensive – but the flipside is that the expense doesn’t need to be a worry, as it is dealt with after your passing.
However, it is important to get a hold of the figures, and the amounts will differ depending on the various plans on offer.