At HB 121 Solicitors, our Property Solicitors in Stourport on Severn and our Property Solicitors in Kidderminster can advise you on the options available for Equity Release if you are over the age of 55.
An Equity Release is whereby you can take money tied up in your home. The monies can be taken as a lump sum or in several smaller amounts. You can either have a combination of both.
The minimum age at which you can take out a lifetime mortgage is usually 55.
The maximum percentage you may be able to borrow may be up to 60% of the value of your property. Further, how much will be released will be dependent on your age and the value of your property.
Interest rates must be fixed or if they are variable a cap must be agreed which is fixed for the life of the loan. By having an equity loan you will have the right to stay in your property for life or until you decide to move into long term care, however, the property will need to remain as your main residence and you will need to abide with the terms and conditions of your contract (equity release council standard).
You will still have the right to move to another property subject to the new property being acceptable to your product provider as an ongoing security for your equity release loan, however, you would need to liaise with your provider in regards to this.
To speak to one of our best Property Solicitors, please contact us at HB 121 Solicitors on 01562 702655 or 01299 848944
This is the second option whereby you will sell part or all of your home to a home reversion provider. In return they will give a lump sum or regular payments. The rights you will have will be as follows:-
At HB 121 Solicitors our Property Lawyers can provide to you advice and assistance with no legal jargon.
Whether equity release is a suitable option for you depends on your own circumstances which could be your age, as to how much monies you want to release, your future plans and your income. Equity release might seem a suitable option if you are looking for some extra monies and do not wish to move house, however, there are important considerations.
To speak to a local conveyancing solicitor, please contact us at HB 121 Solicitors on 01562 702655 or 01299 848944