More and more people decide to release equity from the value of their homes. Equity release schemes allow older homeowners to release cash from the value built up in their property without having to sell or move out. However, you should carefully consider all your options with a specialist adviser and independent solicitor before making a decision.
What types of equity release plans are there?
Who can get equity release?
There are certain conditions that must be met before taking on any of the two equity release plans. The conditions are:
How much can you borrow?
How much money you can release depends on the value of the property and your age. If you have a partner, the loan will be based on the age of the younger. For a lifetime mortgage, the amount is usually no more than 60% of the property´s value. If you choose a home revision scheme, you can sell up to 100% of your interest in the property. All lenders have a ´no negative equity guarantee´, meaning that you can never take out more than the value of your property when it is sold.
Things to consider – lifetime mortgage
Things to consider – home revision plans
Some final thoughts
Equity release may be a good option for you, but do make sure you look at all your options before making a decision and consider talking with your family about it.
If you decide that an equity release is a good option for you then you will need a solicitor to act on your behalf. In most cases, the Equity Release Provider will require you to have independent legal advice, to ensure you understand the full implications of deciding to proceed. You can provide our details to the Equity Release Provider (once you have been approved for the scheme) who will send us all the paperwork required to get things started.
Churchers Solicitors has extensive experience in this area with a dedicated team to help you every step of the way. Some of the documentation can seem daunting to start with, but our experienced team will easily guide you through it.
If you require assistance with equity release, please contact Debbie or someone from her team on 023 9260 3400.
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