Releasing money from your home is an option increasingly favoured by those aged over 55 years old. Our solicitors understand that you may want to enjoy a more comfortable retirement by releasing equity from your home and can advise you on the options available.
The equity in your property is the difference between its current market value and any outstanding mortgage or loan secured upon the property. Equity release schemes can be extremely useful for those who do not wish to move but wish to use their home to raise finance later in life. The loan often does not require monthly repayments and is repayable on death, on sale or in certain other circumstances.
It has become more popular to use equity release for providing increased income in retirement. You need to be fully aware of all the implications before proceeding including any entitlement to benefits and the effect on the value of any inheritance you leave on your death.
At Thackray Williams, our priority is achieving positive, realistic outcomes to all aspects of your equity release transaction on your behalf, including liaising with your provider, arranging for any existing mortgages to be paid off, and providing in-depth advice about the process.