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These type of mortgages offer homeowners, often aged 50+, the opportunity to draw down cash from their home without having to move out. Sampson Solicitors can advise you on all areas related to equity release from your property.
If you have an outstanding mortgage or any loans secured against your home, this will usually need to paid off completely with any equity you release. The remaining cash is then yours to spend as you choose.
There are two main types of equity release scheme – 'lifetime mortgages' and 'home reversion plans'.
With a 'lifetime mortgage' you continue to own your home completely. You are given a loan based on your age and the value of your property.
With a 'home reversion plan' an investment company buys, or arranges for someone else to buy, part or all of your property. You receive the sale proceeds as cash which can be paid as regular instalments or as a single cash lump sum. You will normally get less than the full market value of your home, because the buyer cannot re-sell the property until you die or move permanently in to long term care.
Equity Release mortgages can be an expensive way to raise funds however it can sometimes be a suitable way of raising funds so you don’t have to sell your home. Together with your financial advisor Sampson Solicitors will be able to advise you on your equity release mortgage product and ensure that you are happy with it before proceeding. We charge a fixed fee of £600 plus VAT for dealing with equity release mortgages.