The equity (or value) you have in your home is its open market value less than any mortgage or other debt held against it. Equity release is a way of getting cash from the value of your home without having to move out of it.
Equity release plans are also called lifetime mortgages, home reversion or home income plans. These schemes essentially allow you to borrow money against the value of your home, with the debt being repaid from the sale proceeds after your death.Equity release plans can be very complicated products and are not necessarily suitable for everybody. Your house is almost certainly the most expensive asset you own; it is also your home.
Good advice is therefore vitally important. Age Concern and the Financial Services Authority – the UK’s chief financial watchdog – both recommend getting independent advice before proceeding. At Martyn Prowel Solicitors we are familiar with all the different types of schemes available. We will ensure that you fully understand all the implications of such. Although you could choose not to take advice, we strongly recommend that you do.