More and more of our clients are contacting us regarding the use of Equity Release. Not only our existing older clients who are contemplating the use of equity release for themselves but also younger clients enquiring or just wishing to find out more information on behalf of family and friends.
So what is Equity Release? In very simple terms, equity release is a way of releasing some of the money stored up in the value of a home, without the need to move. With equity release clients receives a cash lump sum, or a series of cash payments. Clients can stay in their own home as long as they want or until they need to move into a long-term care facility or come to the end of their lives.
Clients take out equity release products for a number of different reasons. Some clients just need a little extra cash to supplement their pension, carry out home improvements and or major purchases such as a replacement car. Whilst other clients may wish to gift their children or even grandchildren a lump sum at a time that is convenient and helpful to the recipients. This cash is often used to help with first or subsequent house purchase, paying off university debts or even help setting up a new business venture.
Whatever the reason we are here to help and we strongly recommend that clients not only discuss the situation thoroughly within the family and with our independent legal advisers but most importantly clients should obtain fully independent advice from an equity release specialist adviser offering equity release products from the whole market.
If you would like more information you can contact our specialist conveyancing solicitors on 01707 332383 or request more information via our online enquiry form.