Equity Release
We can undertake the legal work for you if you wish to enter into an equity release scheme to use the value of your home to raise additional income or a cash lump sum, or both.
There are two main types of equity release scheme
- Lifetime Mortgage
You take out a loan that is secured on your home and this mortgage is repaid from the proceeds of the sale of your home when you die or if you move out, for example to a care home.
- Home Reversion
You sell all or part of your home to a reversion company or individual and live there as a tenant. The home is sold when you die or if you move out, for example to a care home.
You can get the money in various ways. As a cash lump sum to use or invest, as a regular income or a 'drawdown mortgage' where you take smaller amounts over time as and when you need them. Some equity release schemes combine some of these features.
Firm selling equity release schemes must usually be regulated by the Financial Services Authority (FSA), however some home reversion scheme providers do not need this regulation. In those cases the provider should explain to you the protection that you will lose out on as they are not regulated by the FSA.
Equity release schemes are complex and you should always consider taking professional advice before making any commitment. The information on this web page is only general information and for advice based on your own circumstances you should talk to a professional advisor. We can arrange for one to visit you if you would like us to do so.