Equity Release Mortgages
"Schemes like this can help with care costs or simply release equity from a property, in return for the proceeds from the eventual sale of your house."
You can release, or unlock, the equity or value in your home while continuing to live in it. You may receive a lump sum or an income, which can help pay for care and other expenses.
In certain circumstances, it may be necessary to seek advice on informal arrangements between family members. Godwins Solicitors LLP will provide you with supportive, expert advice.
There are two main different types of scheme, generally speaking:
- 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.
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 (for example, SHIP). We have extensive experience in this area.
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 Solicitors LLP can guide you, provide a full summary of the chosen scheme and will consider alternatives with you
People: Rupert Morton-Curtis.