Lifetime mortgages have become popular again but, just as in the 1980s, they need to be used with caution.

Often we find that clients are “asset rich but cash poor” i.e. they have house with no mortgage but little or no savings.  In this situation it is possible to release money from the property, subject to interest, under an “Equity Release Scheme”.  Under the scheme you will receive a lump sum and/or monthly payments from a mortgage company.  The amount received, together with the interest which will accrue, is repaid when the house is sold, i.e. because you have passed away or no longer permanently live in your home.

We will talk through the scheme with you and its implications regarding for example, the effect on the beneficiaries of your estate when you pass away and on any benefits you receive.  We are also able to arrange a no obligation meeting with an independent financial advisor to discuss the various equity release schemes with you.

If you would like to discuss equity release schemes, please contact Karen Goor on 01943 885103 or email karen.goor@ridingslaw.com.