Equity Release Mortgage
Equity release schemes can help with care costs or simply release equity from a property, in return for the proceeds from the eventual sale of your house.
Are you looking to receive a lump sum or income to help with care or other expenses? You can release, or unlock, the equity or value in your home while continuing to live in it.
- A Lifetime Mortgage
- A Home Reversion Plan
Eligibility is governed by a number of factors. The maximum amount of equity to be released will often be determined by the property’s value, the age of the owners and sometimes, their health.
Equity release isn’t always the best way to release equity or provide an income – it is often a last resort.
In recent years, equity release has hit the news as they have become more mainstream. It is crucial to have comprehensive legal advice on the scheme you have chosen or are considering, in order to avoid potential pitfalls and unexpected costs. Godwins can guide you, provide a full summary of the chosen scheme and will consider alternatives with you.
If it is the right way forward – and often this involves a ‘family’ decision – then safeguards should be built in and the lender should subscribe to a relevant code of practice. The Godwins team have extensive experience in this area.
In certain circumstances, it may be necessary to seek advice on informal arrangements between family members. In this instance, Godwins will provide you with supportive, expert advice.
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