If you’re over 55, equity release can be an easy and sensible way to get cash out of your house. It’s an important step, so get expert advice. Shop around. For Equity Release Solicitors Near Me, contact www.tivoli.legal/equity-release-solicitors-near-me
Equity Release: Who is it for and what is the process?
The equity release allows you to take money out of the value of your house without moving or having to pay back any of it during your life.
You may be cash-poor but have a lot of assets, i.e. If you are on a limited income, but own a valuable home, this could help to get some cash.
Lifetime mortgage vs Reversion scheme
You can borrow against your home’s value with a life mortgage. You can borrow a certain amount of money depending on your age and the value of your property.
You can choose to sell part or all of your property through a reversion service provider. If your property appreciates in value, and you decide to sell, then you will only receive the increase in the portion of the property that you actually own.
Can I keep my house or lose it?
You will still own your house if you get a mortgage for life.
You will be required to surrender your deeds if you choose a home conversion plan. The equity release provider will then own the whole or part of the home. You will own the lease for life.
You can stay at home in either case until your death or when you enter long-term care.
If you break the contract, by, say, not maintaining your house, then you may be required to move.