Latest News:
| Bubble Troubles Ahead? Dec 2011 |
| Government backed mortgages for first time buyers Dec 2011 |
| Quality assured Nov 2011 |
| The great demand for Buy to Let mortgages Nov 2011 |
Equity Release
Equity release is a scheme which provides you with a lump sum payment and /or additional regular income payments.
To be able to take advantage of an equity release scheme you need to:
- own your property and be 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 including your death, the sale of the property or you leaving the property to go into a care home for example.
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 but 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 the correct advice could leave you exposed and in financial difficulty.
At Hart Brown we have a team of specialists who regularly advise on equity release schemes. We make sure that you fully understand the implications of the scheme before you become legally committed.
To speak to someone who can advise on equity release schemes call, email or request a call back from one of our specialist lawyers.