Equity release, often called a lifetime mortgage, gives those over 55 the opportunity to release money from, what is usually their main asset, their home. It enables people over 55 to enjoy a more comfortable retirement, raise funds to help family or maybe pay off an existing mortgage and stop the monthly payments.
Equity release is a mortgage of your property that gives you the opportunity to release money tied up in your home. Such loans come in all shapes and sizes to suit the individual.
You can take out the mortgage on your property and the interest can be accumulated, added to the loan, and paid off when the home is sold.
These days there are other options, subject to the conditions of the lender’s offer, to pay interest or make capital payments, if you prefer, to either reduce the borrowing or avoid an increase in the amount that has to be repaid at the end.
We are happy to advise people taking out equity release mortgages. Sensibly all responsible lenders insist on a borrower taking legal advice and we always offer a face to face meeting.
We normally charge £500 plus VAT. Sometimes we have to charge more, for example if the title is leasehold, when the costs are likely to be £600 plus VAT.
If you would like a discussion please call Catherine Turner on 07793 201 274 or one of our numbers 0191 3830111 or 01429 235616, explain that you are interested in equity release conveyancing, and you will be put through to someone who can help.
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