Equity Release
At Attwaters, we are able to give specialist advice to older home owners looking to release equity from their homes. We ensure that you are fully advised on all the implications of equity release, as well as the possible alternatives, to make sure that it is the right choice for you. Thereafter, our aim is to ensure that your equity release transaction goes through as smoothly and quickly as possible. We are specialist solicitors who can guide you through every stage of your equity release and make sure that you know exactly what is happening.
What is Equity Release?
Equity Release is a way of converting part of the value of your home into cash.
It is available to people of 55 years age or over.
You are free to use the money as you choose.
You remain living in your home for as long as you wish and with some schemes can move home.
There are basically 3 types of equity release schemes:
Lifetime Mortgage Schemes
With lifetime mortgage schemes you take out a loan based on the value of your home. The loan is secured against your home, like any other mortgage. This releases a tax free lump sum. You do not have to make any monthly repayments. Instead, the interest is added to the loan on a compound basis. The loan only has to be repaid when your home is sold or if you have to move into long term residential care. Sometimes the loan can be on a flexible basis, so you can draw down amounts at different times.
Home Reversion Schemes
Under this arrangement you either sell the whole of your property, or a percentage of it, to the equity release company. Again you are guaranteed the right to live in your home for as long as you wish. The property is sold when you die or move into long term residential care. At that time, the equity release company receives a share of the proceeds in proportion to the percentage of the property you sold to them.
Home Income Plans
This type of scheme is a bit like the lifetime mortgage scheme, but instead of receiving a lump sum the money from the loan purchases you an annuity that gives you a regular guaranteed income.
Contact:
Stephen TetlowDD 0208 498 6573 Email
Geoffrey ToveyDD 01279 638890 Email
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