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Equity Release

A problem facing a number of elderly people who own a valuable property is being able to live comfortably on a limited income, particularly in times of falling stock markets and low interest rates. Many retired people, who manage a small pension and limited savings are living in properties which, even with the recent economic down turn, are very valuable.

Many are therefore now turning to equity release schemes also sometimes called lifetime mortgages, a home reversion or home income plans.

Equity release is a way of unlocking the value of the equity in a property by taking out a mortgage secured on your home or selling your home, or part of it, to the scheme provider. The capital released can provide a lump sum, income or both and can even reduce personal wealth to minimise inheritance tax.

Well, there are a range of different schemes in existence, they all work on the same basic principle – they lend you a part of your home’s value in return for a share of the proceeds when you die. The money released from the value of your property is tax free. It can also be used for care home fees without having to sell your house.

How we can help

There are many schemes on offer and they all have different conditions and implications. You will need a solicitor to enter into an equity release scheme and at Glazer Delmar we can advise you on all the effects of a particular scheme making you are fully aware of its long-term implications. We can also deal with the conveyancing part of the scheme on your behalf.