As an aging population, more and more homeowners over the age of 55 are looking to arrange an Equity Release mortgage for a variety of reasons including;
- Repayment of an interest only mortgage
- Consolidation of secured and unsecured loans or debts
- Releasing equity to gift to children as a deposit
- Home upgrades or improvements
Gone are the days where interest dates on an equity release are high, with many mainstream and well-known lender institutions now offering a variety of later life lending, rates are comparatively low at the moment which potentially makes it a good time to act if you are thinking of applying.
You will need a trusted (and we would suggest an independent) equity release adviser who will be able to compare the different types of products and lenders to suit your requirements. Whilst we cannot advise you which product to choose, we can always recommend a good financial adviser to you if needed.
Equity Releases are still tarnished with the bad reputation that they got before the regulations came into force, the good news is that post regulation, the lenders have to adhere to strict guidelines meaning a fixed rate of interest, a no negative equity guarantee and protected percentages to name but a few features that help to protect you and your home.
It is very important to choose a solicitor that not only specialises in this type of work but that is also local enough to you as you will be required to attend a friendly and informative face to face meeting as part of the process.
At Paul Robinson Solicitors we can offer meetings at all 4 of our locations to suit and home visits are available upon request.
As far as fees are concerned, this type of work is fixed fee and if the matter proceeds, can be paid at the point of completion so that you only need to worry about choosing the right Equity Release product for you.
This article does not necessarily deal with every important topic or cover every aspect of the topics with which it deals. It is not designed to provide legal or other advice. If you require specialist advice on this topic, please contact us to discuss how we may assist you.