Lifetime Mortgages/Equity Release
Lifetime Mortgages/Equity Release
Lifetime mortgages or equity release schemes are designed for those nearing or having reached retirement age and are looking to free up the capital accrued in their homes without having to move out or sell up, typically without the need for monthly repayments.
Lifetime mortgages are the most popular type of equity release scheme, enabling the homeowner to release the equity in their property in the form of a loan, while still retaining ownership. The loan is then repaid through the sale of the property when the homeowner dies or goes into long-term residential care. In contrast, a home reversion plan, the other main type of equity release scheme, is where part or all of the property is purchased by the provider in return for a cash lump sum or regular payments, together with a lifetime lease.
There can be various reasons as to why homeowners would want to take advantage of either a lifetime mortgage or home reversion plan, from funding the wedding or university education of any children to helping their offspring get a foot on the property ladder. The money could also be used for the homeowner to pay for their dream kitchen or a round-the-world trip, or simply to top up their pension. Of course, it is entirely a matter for the homeowner as to how any loan or capital is spent, but having an experienced solicitor in place will help to ensure that the equity release process is streamlined and stress-free.
What we do for our clients
At Farnworth Rose Solicitors we have a breadth of experience working with equity release providers and helping homeowners to access their property wealth. Although our role is not to provide investment advice or to recommend any specific providers, we can advise on the legalities of the equity release process. Our role is essentially to ensure that our clients understand the long-term nature of their preferred scheme, in this way proceeding with full knowledge of the risks and rewards, as well as the legal obligations of their chosen plan.
Our specialised team of equity release solicitors have helped hundreds of clients to free up funds in their homes to allow them to support their children or to enjoy their retirement, all with the peace of mind that they still have a stable home to live in for the rest of their lives.
How we can help you
For those of you who are ‘house rich but cash poor’, equity release will enable you to access the wealth tied up in your property, without the need to downsize. You will also continue to enjoy the comfort of your living in your own home, often with no additional monthly costs.
Our expert solicitors will help you to navigate the equity release process, providing advice and assistance every step of the way. Every equity release case is different, where much will depend on your age and the value of your property, as well as the terms upon which you would like to release the funds currently contained in your home. However, regardless of the type of scheme or terms proposed, we will help to keep you fully informed at every stage. We also also ensure that the transaction runs as smoothly and efficiently as possible.
How you can contact us
For expert advice and assistance on lifetime mortgages and equity release, call Farnworth Rose today on 01282 695 400 or complete the form below and we’ll be in touch.
