Back| Because SF HELP is probably a new concept to you and
your family, you may have a number of questions about SF HELP, and how it
works. Below are some questions we imagine you may be asking. Of course, more details can be found in our “All You Need to Know about SF HELP” brochure. Alternatively, contact us at Seniors’ Finance on 0860 SENIOR (0860 736 467). You can also send us a fax on 0861 SENIOR (0861 736 467), or e-mail enquire@seniorsfinance.co.za. Have you been accredited by SAHERPA? Yes! Seniors' Finance are very proud of the fact that SF HELP was the first home equity release product in South Africa to be accredited by SAHERPA. SAHERPA accreditation should give consumers comfort that they are dealing with a credible organisation, and that SF HELP has been designed in accordance with international best practice, in addition to SAHERPA's Code of Conduct. Consumers are warned - make sure that your chosen home equity release provider has been accredited by SAHERPA. To find out more about SAHERPA, please click here. How much will I be able to leave my family? This will depend on how much you decide to borrow, the maximum that we are able to loan, interest rates, house price inflation and how long the loan is in force. In short though, the more you borrow, the lower the likely net residual value of your property to be left to your family. Can I pay off all or part of the loan at any time? Although the loan is intended to be life-long, and no payments are required for the rest of your lifetime, you can choose to repay all or part of the loan at any point, earlier than ordinarily anticipated. There is no penalty for settling the loan early. There is no lock-in, so you can settle the loan early if you so choose. What insurance do I need to have in order to qualify? Unlike a conventional mortgage, there is no need for you to take out life insurance in order to qualify for SF HELP. However, you do need to take out building insurance on your property in order to protect you (and us) in case, for example, the property is destroyed in a fire. Who insures the property is not important to us, however, it is important to us that your cover is adequate, and that our interest in the property is noted in the policy. Interestingly, many of our customers have shown us their existing insurance policies, which are often "tied" to the banks that extend / used to extend conventional mortgages to our customers. These practices are now out-lawed by the National Credit Act, with the effect that our customers can now place their short-term insurance where they choose, often at significantly lower premiums! If you would like free assistance in this regard, please click here to download a form, print it out and complete it, then return it to us so that we can arrange for an expert to make contact with you on a no-obligation basis in order to review your existing cover. Can I move home? Yes, so long as you meet our lending criteria at the time - but you must tell us in advance so that we can have your new property valued by one of our property valuators and so that you can apply for a new loan on your new house, in order to pay off the old loan on your house. What happens to my home when I die or move into permanent long-term care? Unless other arrangements have been made to repay the loan, the home must be sold on the borrower's death or at the time that the borrower moves into permanent long-term care. If you have a partner (either by marriage or civil partnership), he / she can apply to take over the loan on your death by way of a process called "substitution of debtor". This option is important, as it could allow your partner to continue to live in the home, if he / she wants to, after your death. Can I borrow more later if I need it? Applications for further borrowing are allowed at any time subject to our lending criteria. For further details and in-depth answers to your questions about SF HELP, please download the All You Need to Know brochure or contact us directly. |
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