Equity release refers to a number of products and schemes that allow homeowners over 55 to extract a tax-free lump sum amount by releasing equity tied up in their property. This can free up money to make renovations, travel, or help family members financially.
With an equity release mortgage, you would not normally be required to make any repayments and, provided you comply with the mortgage conditions, you will be allowed to live in the property for life.
Until the equity release mortgage is repaid, interest will be accruing. This means that the amount that eventually needs to be repaid could be far in excess of the sum originally borrowed. It is therefore important to discuss the equity release with your beneficiaries.
If you are considering an equity release mortgage, you will need to take specialist advice from a mortgage broker who deals with these products.
Whatever you are considering equity for, once you have chosen the best product for you, our expert solicitors will ensure that you are fully informed and that the process goes smoothly.
For trusted advice on any residential property matter, contact: