Equity Release is a way of releasing the value tied up in your home without having to sell it. Using Equity Release you can raise money to spend now on whatever you want and continue living in your home.
There are different types of Equity Release plans but a popular one is the Lifetime Mortgage with “rolled up” interest. With this kind of plan you borrow money against the value of your home. The borrowing is secured by a mortgage on your home. The money you have borrowed and the interest on it has to be repaid eventually but you do not have to make any payments during the plan. Instead, the money you have borrowed, together with the interest that has built up on it, is repaid at the end of the plan. The plan will come to an end when you die or if you have to leave your home to go into residential care. If you are a couple, the plan only ends when either of these things happens to the survivor of you.
There are age requirements. To be able to take out a Lifetime Mortgage you must be 55 years of age or over. If you are a couple, the youngest of you must be at least 55 years young. Also, your property must have a value of £70,000.00 or over.
At Willetts Marsden we have been advising clients on the legal aspects of all types of Equity Release plan for many years.
We strive to offer a smooth, seamless, stress fee service. There is no need for you to attend our office. For Equity Release clients we carry out home visits at no extra cost over a very wide area (within 150 miles or so of Warrington). The solicitor will come to see you and before his visit we will let you know everything you need to have to hand (insurance and identification documents etc.) to ensure that your matter can complete as quickly as possible.
Whether you live in Warrington, Liverpool, Manchester, Middlesbrough, Nottingham or anywhere in between, there is no need to worry about directions, bus or train times, traffic or where to park. Sit back and we will come to you.