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.
If you would like a discussion please call Jenna Hoban on 0191 3706 625, explain that you are interested in equity release conveyancing, and you will be put through to someone who can help.
TMJ Legal Services
TMJ Legal Services has been helping individuals and businesses since 1986. We offer a range of advice and services.