What is Equity Release?

If you own your house and you are over the age of 55, you may be eligible for a Lifetime Mortgage, often referred to as Equity Release.

A Lifetime Mortgage is a type of mortgage which allows you to borrow money against your home, whilst being allowed to retain ownership of your home, and the ability to stay in your home for the rest of your life.

Unlike other mortgages, you can choose whether or not to make monthly repayments of the mortgage and the interest, but in most cases, the mortgage and the interest that accrues on the mortgage is repaid by your estate (usually from the sale of your home) when you die or when you move into long-term residential care.

How do I arrange a Lifetime Mortgage?

It is important that you weigh up the advantages and disadvantages of entering into a Lifetime Mortgage and in the first instance, you will need to speak to a regulated financial advisor who will talk you through your options. It is equally important for you speak to your family before entering into a Lifetime Mortgage as this could (worst case) lead to your family inheriting little or nothing after you have died.

How can Peter Brown & Co help you?

Entering into a Lifetime Mortgage can be complicated, and because of this you will be required to see an independent solicitor who can explain the terms of the Lifetime Mortgage to you in simple terms, and who can answer any questions that you may have.

At Peter Brown & Co, we recognise that this can be a difficult and complicated process, which is why we have experienced and knowledgeable solicitors who can guide you through the process and to ensure that you are 100% happy before going ahead.

What next?

If equity release is right for you and your family, your financial adviser will arrange for your property to be valued and will assess your current circumstances to establish whether you are eligible.

If you are thinking about equity release, and you would like our assistance in helping you through the process, then please do not hesitate to email Dan or email John on 020 8447 3277 who will be happy to help.

Further Information

Equity Release Council – https://www.equityreleasecouncil.com/