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Equity release is a scheme open to the over 55s (although some schemes are for over 60s) it allows you to raise money against your property without the need to repay the loan until after either the death of the last borrower (if a joint mortgage) or when the last borrower goes into long term care whilst allowing you to stay in your home.
An equity release mortgage is similar to a conventional mortgage whereby the lender has a legal charge registered over the property, such charge remaining in place until either it is repaid or the property is sold following the death of the last borrower or the last borrower goes into long term care. Interest is charged as on a conventional mortgage but is not paid until the mortgage is repaid, the longer the mortgage term runs the more interest is payable.
In addition to your own legal costs you will also be required to pay the equity release mortgage schemes legal costs.
Usually the only restrictions are those associated with a conventional mortgage, eg, keeping the property insured and in good repair and condition, schemes do, however, vary from lender to lender.
A few of the high street banks offer such mortgages along with some insurance companies, Aviva and the Prudential were some of the first, there are also specialist firms that now offer this scheme, Just Retirement Limited being one of the main ones.
Age restrictions apply, a financial advisor will be able to advice you on this point.
There are different schemes, some as mentioned above, others require the lender to own a share of the property and some require the whole of the title to be transferred to the lender and the property is “leased back” to you. A financial advisor will be able to find the correct scheme for you.
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Thank you both very much for all your hard work and patience, we know it wasn’t as straight forward a job as it should have been but had it not been for your professionalism I’m sure it would have taken a lot longer. We will hopefully be back in touch soon when we have a buyer for our current house as we would like you to act for us again.
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Just wanted to thank you for all your help and support in getting our house purchase through! I’m sure we’ve been the most bothersome clients you’ve ever had, but we really are grateful for your help. We are so excited to finally be moving and to really be able to get properly started on our new life back in England. We can’t wait to put up some coat hooks and pictures! Thanks!
Thank you for your e-mail and, whilst as you say the matter is not proceeding, I would like to say how impressed I was by your teams promptness and enthusiasm for keeping things moving at the time. I have bought/sold a few properties over the years and I must say this was very refreshing when compared to other legal firms that I have used.
I wish to thank you, Jill & Mark along with everyone else at Ridley & Hall who has dealt with my Mothers case over the past months. As you can imagine the past two years have been a very emotional and stressful period for my family as my Mother first became ill and finally passed away. The professionalism and rapidity we have received from yourselves has been a great help in these hard times. Personally it has left me with a very positive view of Ridley & Hall and you will certainly be my first choice when I next require legal representation – but I’m sure you’ll forgive me for saying I hope that time will not be too soon 😉 Again thank you all your help.
Thank you so much for all your help with everything, you've made the whole thing as straight forward as possible. This process (and witnessing the shambolic behaviour of the seller's conveyancer) has taught me that a good lawyer is priceless when moving! - Doreena H, London
"Hi Adam, many thanks for all your help in completing the sale. We were took aback how much detail you covered in a short time scale, would you also pass on our thanks to your team who we know worked hard on this." - Terry & Susan, Leeds West Yorkshire
“To Mark and Helen, Thank you so much to you both for making all our legal needs go so smoothly! Best wishes Clare & Jane”