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Equity Release

What is Equity Release?

Equity Release allows homeowners aged 55 or over to release money from their property. It can play a crucial role in retirement planning as it allows homeowners to draw a lump sum or a regular smaller sums from the value of their home, while remaining in their home.

There are two types of Equity Release; Lifetime Mortgages and Home Reversion Plans. The Financial Conduct Authority regulates both.

We work with a number of Independent Financial Advisers whom we can recommend. Once you have decided, we can provide the independent legal advice required to complete your transaction.

Learn more about trusts when future planning.


Butterworths Solicitors

Proud member of the Equity Release Council

What is a Lifetime Mortgate?

A Lifetime Mortgage involves taking a type of mortgage which does not require monthly repayments, although with some plans, rather than rolling up the interest, you can opt to make monthly repayments if you wish.

You do retain ownership of your home and interest on the loan is rolled-up (compounded). The loan and the rolled-up interest is repaid by your estate when you either die or move into long term care. If you are a couple, the repayment will be made when the last remaining person living in the home either dies or moves into care. This means that both you and your partner are free to live in your home for the rest of your lives.


What is a Home Reversion Plan?

A Home Reversion Plan allows you to access all or part of the value of your property. You will also retain the right to remain in your property rent-free, for the rest of your life. With a Home Reversion product, the provider will purchase all or part of your house, taking into account your age and your health. They will provide you with a tax-free cash lump sum (or regular payments) and a lifetime lease, guaranteeing you the right to stay in your property rent-free for the rest of your life.

There is no day-to-day interference and no restriction on treating the house exactly as before; as a private home to live-in freely.


Equity Release – Contact us

Within these two categories, there are many different options available. Your current and future needs must be matched with the right type of Equity Release plan.

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