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Equity Release
Equity Release is a scheme which provides you with a lump sum payment and /or additional regular income payments.
The requirements for you to be entitled to equity release are that:
- you own your property
- are above a certain age, usually 55
- intend to continue to live in and maintain your property
There are two main types of equity release schemes namely lifetime mortgages and home reversions.
With a lifetime mortgage the loan is secured against your property and must be paid back in certain circumstances. These include death, sale of the property or you leaving the property, if for examply you go into a care home.
With a home reversion scheme, you will be required to sell all or part of your property to a company or individual. You will no longer own your home and will occupy it as a tenant.
Points you should watch out for include less favourable financial terms and very onerous terms and conditions
If you are thinking of equity release you need to understand fully all the financial implications. Not understanding the documentation or receiving proper advice could leave you exposed and in financial difficulty.
At Hart Brown we have specialists who regularly advise on equity release and we make sure that you receive full protection and fully understand the implications.
To speak to someone who can help with equity release call, email or request a call back from one of our specialist lawyers.