What Is Releasing Equity And Who Is It for?
If you are over 55, you may be eligible to benefit from a range of different equity release schemes. This means either selling your home or a share of it, or borrowing money from the equity in your home, in order to boost your income. The money you get from such a scheme can be received as a lump sum, a monthly payment or both, depending on what you want to get from the arrangement.
There are two common types of equity release schemes:
- A Lifetime Mortgage Scheme: This allows you to borrow money using the equity of your home as a guarantee for repayment. The loan won’t be repaid until the property is sold, either because you have chosen to move or in the event of your death. Interest rates are usually fixed and will be added to the outstanding sum when the house is sold and the loan is repaid.
- A Home Reversion Plan: This involves selling your home, or a part of it, to a private reversion company. You may continue to live there until you choose to seek alternative accommodation - a care home, for example - or until the end of your life. When your home is sold, the reversion company will take their share from the proceeds.
How Irwin Mitchell Can Help You With Equity Release
Our conveyancing experts have the knowledge and expertise to help you with an equity release. We can help you by understanding your individual requirements and offering advice that is tailored to your situation.
How We Work
Our legal experts will offer friendly, professional and practical advice on all aspects of the processes involved in equity release schemes. We aim to make the process as simple and stress-free as possible by explaining all the options in a clear and concise way.
We can offer you advice by post, email and phone, depending on what best suits you, and we will be sure to keep you updated with each new development along the way.
We’ll give you a fixed quote before we start working for you and in most cases you won’t need to pay it up front. There are no hidden costs and payment is usually made when the equity release scheme is completed.
Read what some of our previous conveyancing clients say about our service:
"Irwin Mitchell were 100% professional and friendly. Nothing was too much trouble for them."
Contact Us For Expert Advice On Releasing Equity
Our team of solicitors is ready to provide you with all the guidance and expertise you need to help you with an equity release. For expert help and advice, call us on 0370 1500 100 or you can contact us online.