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.

Advantages

A tax free lump sum or steady regular income
A reduction in inheritance tax payable from your estate
You (and your partner) can you live in the property until both of you die

Disadvantages

Your family will receive less from your estate
It can be costly – a lifetime mortgage can cost 4 times what you borrow over a twenty year period.

There are two types of equity release scheme

Lifetime mortgages

are similar to normal mortgages, but rather than making monthly repayments, the cost or repaying the released equity is met from your estate when you die. If there is anything left in the estate after the lifetime mortgage has been repaid, this will be distributed according to your wishes in your will (if you have one – if not, we can help with that too!)

Home reversion

plans transfers ownership of the home to the lender, but the borrower retains the right to live there until death. In most cases, this means there is nothing left (in the property’s value) to your estate when you die.

Listen to our podcast on equity release to find out more from solicitors John Quinn and specialist advisor Alastair Shields.

Ready to find out more.  Fill in the form below and one of our team will be in touch