The decision to buy or sell a home is perhaps the single biggest financial decision the average person will make in their lives, and the same can easily hold true when it comes to equity release. This process of selling (“releasing”) some or all of the equity of your home can be hugely beneficial to people over 55 years old, but can also come with noticeable consequences if you are unaware of the process.
Advantages of Equity Release
The primary advantage offered by equity release is the opportunity to give lifetime gifts to your loved ones which reduces your estate for inheritance tax purposes. This also means that if you ever go into care, your children or loved ones would have had an opportunity to benefit from your estate.
Your Mortgage Broker will advise you about the advantages and disadvantages of any of the equity release products before you start the process.
The Key Step? Being Informed
Equity release can be a complicated subject and there is a wide range of problems that can arise if you commit to such a scheme without being fully informed. We will be happy to help you with the process after you and your Mortgage Broker have chosen the right equity release product for you.
At Elizabeth Middleton Solicitors, we specialise in the legal matters most relevant to seniors – equity release, wills, probate, and lasting power of attorney. With a friendly, approachable team and more than 10 years of experience in the field, we’re here to protect your interests and answer your questions about the legal matters relevant to your life.
Contact us today for a consultation!