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Equity Release

An equity release would allow you to use some of the equity in your home to release tax free cash from your property without having to move home.
Many retired people find themselves today "asset rich but cash poor." In many cases pensions are not providing the income in retirement that was expected but the property owned by retired people has grown significantly in value over the years.

Over 55: asset rich but cash poor - Equity release could be the answer

Equity release is used for a number of reasons including:-

  • To improve or maintain standard of living
  • To repay debts
  • To fund home improvements
  • To help family members, for example, to get on the property ladder
  • To fund care in your own home if you did not want to go into a nursing home
  • To visit family abroad

Equity release is only available to home owners over 55 (although some plans are only available to those who are over 65) and both age and your health help to determine the amount you can borrow.

In order to qualify you must first own your home and any mortgage must be cleared as part of the loan. The value of your home will be the determining factor in the amount you could borrow since your home’s value is what is being used as collateral to secure the loan.

Equity release can be done in different ways:-

  • a lifetime mortgage where a loan is secured against your property with no monthly repayments to make. Interest is added to the loan and the full amount is paid back when your property is eventually sold following death or if you move into long term care or;
  • a home reversion plan which involves the sale of your property or part of it to a home reversion scheme company in exchange for a lump sum but you remain living in your property until you die or move into long-term care. This money is not a loan and you do not pay interest on it and where you have sold part only of the property then you and the home reversion scheme company share in any uplift in value of your property when it is sold

 

Contact our Equity Release Lawyers Glasgow, Scotland

We understand that releasing equity from your home is a big decision and if you were considering it we would always recommend that you take advice from an independent financial adviser before committing to same.

If you would like more information please contact Joyce Marshall of our Private Client Team on 01413336750.

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