Have you thought about releasing equity from your property?
What is an Equity Release Mortgage?
Equity release mortgages allow you to release funds from your property whilst continuing to reside there. An equity release mortgage allows you to release a lump sum so you can improve your property, pay off your debts or take a holiday. Equity release requires specialist legal advice and financial advice. There are two types of equity release options a Life Time Mortgage or a Home Reversion.
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Home Reversion Plan
In its basic form, all or part of your home is sold to a private company known as a ‘reversion company’ or group of individual investors, and in return you will receive a cash lump sum, an income or both. You can remain in the house rent-free, for a nominal monthly rent, for the rest of your life. When the property is sold, usually after your death or when you move into alternative accommodation, the reversioner receives the proceeds of sale, depending on what share of the property you have sold.
With a lifetime mortgage you borrow against the value of your home releasing a loan which can be used to provide an income, a lump sum, or both. The loan does not have to be repaid until you die or move to alternative accommodation. Interest, usually at a fixed rate, is compounded monthly and ‘rolled up’ and added to the outstanding loan or you have chosen to make monthly interest payments for the duration of the term.
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Residential Property Team
Svetlana joined Mullis & Peake LLP in 2015 and works in the residential property team
Paul qualified as a solicitor in 2010 and specialises in Residential Property matters.