If you are over 55 years of age there area number of different equity release schemes that may benefit you.
Equity release means that you either sell your home or a share of it or borrow money from the equity in the home in order to receive a lump sum of money or a monthly payment, or both, depending up on how the arrangement is set up.
There are commonly two types of equity release schemes which are a life-time mortgage scheme, which allows you to borrow money using the equity on your home as a guarantee for repayment and the loan won’t be repaid until the property is sold, either because you have chosen to move or in the event of you dying. The other type of scheme is known as a Home Reversion Plan which involves your home being sold or part of your home being sold to a private reversion company. The company then may allow you to live there until you choose to move somewhere else, such as a care home for example, or until you die. When your home is sold the reversion company will then take their share from the amount of the sale proceeds.
Our conveyancers at the firm have extensive knowledge of dealing with both types of these schemes and can advise you on every step of the way in what can be a confusing and baffling array of options and choices to make as to which will suit your circumstances moving forwards in your life, in the best way.