Your home is likely to be one of your biggest assets, with the majority of your money tied up in it. Equity release schemes can make your property work for you, by allowing you to continue living in your home while releasing some of your money to fund a more comfortable retirement or enjoy helping your family financially.
Equity release could be the right choice for you if you own your home, are aged 55-95 and live in England or Wales, but it is important you take independent financial advice before deciding whether or not this is for you.
Exchanging some of the equity in your home in return for a cash lump sum is a significant step that can have serious implications for your future. These range from the effect a cash lump sum will have on your entitlement to state benefits, to the impact of a compound interest mortgage on the legacy you hope to leave, or the tax implications for your loved ones if they receive a gift of cash. Taking independent legal advice and separate independent financial advice is imperative.
At Poole Alcock, our property lawyers in Cheshire can advise you on the pros and cons of your chosen equity release plan, be it a lifetime mortgage or a home reversion plan, giving you independent legal advice on the best way to achieve your goals.
If you would prefer, you can contact us on 01270 625478.