Equity Release
What is Equity Release
If you are over 55 and own your own home, equity release is an option open to you. It can give you a tax free lump sum of money, or a steady regular income in your retirement, by releasing ‘equity’ locked up in your property. But it is not something to be entered into without careful consideration.
At Wallace Quinn, we offer conveyancing services to clients looking to take advantage of equity release.
We also work with a series of trusted advisors who can explain more about the process and have access to the equity release products offered by banks and other financial institutions.
Lifetime Mortgages
With a lifetime mortgage, you can receive funds as a lump sum or in smaller amounts over time, based on an agreed maximum borrowing amount with the provider. Despite taking out a lifetime mortgage, you retain ownership of your home.
The lifetime mortgage accrues interest, and you have the option to repay the interest (some lenders accept monthly payments whereas others prefer quarterly or annual payments) or allow the interest to accumulate. The loan and any accrued interest are typically repaid upon your passing, if you move into long-term care or should you sell the property without purchasing another.
Home Reversion Plan
A Home Reversion Plan transfers all or part ownership of the home to the lender in exchange for a lump sum. The borrower however retains the right to live there until death. In most cases, this means there only the share of the property you have retained will form part of your estate when you die.
If you have sold the whole of the property during your lifetime the property will not therefore form part of your estate.
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