As financial pressures grow home equity release schemes are becoming more common.
A home equity release plan allows a borrower to draw down a lump sum from the equity in their home - some plans will also provide for additional future drawdowns.
Rather than making regular repayments to pay off the loan the Borrower signs over all or part of the equity in their home to the Lender. On the death of the Borrower or if they have to enter long term care their home is sold to repay the debt.
You should not enter into a home equity release plan without first taking advise from an Independent Financial Adviser. You should make sure that company offering the advance is a member of the SHIP scheme.
These are complex transactions and as in many cases your home will be your main asset it is important that once you have selected your equity release product you take specialist legal advice to ensure that you fully understand its implications both during your lifetime and following your death.
Our equity release specialist solicitors provide practical guidance on the legal implications of any scheme and on the impact which it will have on the inheritance that you leave.
Whether you are thinking of entering into a lifetime mortgage or a home reversion scheme we can provide you with a clear and simple explanation of the scheme and of the complex documentation involved.
FREE LEGAL ADVICE - we offer an initial consultation completely free of charge and with no obligation. For an immediate consultation with one of our Equity Release specialists please call us on 01902 577731