Lifetime Mortgages, more commonly known as Equity Release, are an increasingly popular way for over 55’s to release funds from what is very often their largest asset, their home.
The funds released might be needed for any number of reasons including home renovations, facilitating care in the home, helping children to get on the property ladder, or supplementing retirement income.
Often people do not want to downsize to release the cash in their property, and equity release allows you to stay in your home whilst still being able to release the cash needed.
Paying the Equity Release back
The funds released are not usually repayable until after you have passed away or moved into long-term care but there are also products that allow you to make repayments during your lifetime too. There are many different equity release products and so it is vital that you seek the bespoke advice of a financial expert so that you make sure you get the product that best suits you.
Once you have received the financial advice and have chosen a product, Attwells Solicitors can assist you with the independent legal advice required by your new lender.