Equity release can be a means to access the equity from your home in the form of a lump sum or an additional income. The advantage of equity release is that you may be able to release cash from your home without the hassle of having to move. There are certain conditions that must be met in order to take advantage of equity release.
These may include:
- You must own your home and have no dependents living with you
- You must have little or no mortgage left to pay
- Your home should be in a reasonable condition and must be worth more than a certain value
- There is a minimum age of eligibility, usually 60 years of age, however some schemes may be open to people over the age of 55.
Raising cash from your own home is a big decision and requires the support and guidance of residential property law experts. The team at LWR are very familiar with the requirements and processes of lenders offering loans to our retired clients. We have dealt with all mainstream equity release lenders and their solicitors and have adapted our own systems to ensure that we are able to conclude matters in line with the lenders' standard procedures as quickly as possible. We will ensure that you’re given comprehensive advice about the loan you’re entering into, the obligations imposed upon you, the potential effect on your beneficiaries and the costs of the scheme, including fees and charges and the rate of any monthly repayments.
Contact us if you would like to discuss equity release by completing our no obligation online enquiry form or call us on 0191 5666 500.