Equity Release Advice

Are you over 55 years old and seeking to release equity tied up in the value of your property?

An equity release can allow you to receive cash as a lump sum or in instalments when needed without having to sell your home.

If you’d like to talk about whether an equity release can help you, call our experts on 01282 695 400.

Why do I need a solicitor for an equity release mortgage?

Here at Farnworth Rose, we’ve teamed up with the experts at Mortgage65 to offer you access to both experienced financial advisors and specialist solicitors for advice on whether an equity release is the right choice for you.

If you’re thinking of taking out an equity release plan, it is vital that you have access the right support and advice.

By contacting us, you can receive impartial advice from an expert financial advisors on whether an equity release plan will benefit you both now and in the future.

You will also have an experienced solicitor on your side to assist you with all the legal aspects of your equity release and offer advice on any impact an equity release could have on your current will.

What can an equity release mortgage be used for?

You can use the money you receive for almost anything you wish. By contacting our equity release experts you can discuss what you will need the money for and receive advice on the best plan for you from our experienced advisors.

Some of the most common reasons people use equity release include:

  • Repaying an interest only mortgage
  • Repaying unsecured debts
  • Supplementing a pension for more financial freedom
  • Making adaptations to their home
  • Helping family onto the property ladder
  • Home improvements
  • Lifestyle spending in retirement such as holidays
  • Larger purchases such as a car

How does equity release work?

When taking out an equity release mortgage you borrow against the equity in your home. Unlike a traditional mortgage, when you take out a lifetime mortgage you won’t have to make a monthly mortgage payment.

The borrowing and accrued interest is repaid when your house is sold, either on your death or when you move into long-term care.

Lifetime mortgages

A lifetime mortgage is the most common type of equity release and is generally available to people over 55 years of age.

Some things to consider when thinking about taking out a lifetime mortgage include:

  • You will be able to continue living in your home
  • There can be a no negative equity option, meaning you or your beneficiaries will never owe more than the value of your home
  • You can take the money as a lump sum and/or on a draw down basis when needed
  • The interest on the loan will reduce the value of your estate

Talk to our specialist solicitors today

The specialist team at Farnworth Rose is available to discuss your circumstances and provide advice on your next steps.

To receive your free, no obligation consultation, call us on 01282 695 400.

Or if you’d like us to call you, simply complete our quick online contact form and we will be in touch as soon as possible.

Financial advice provided by Mortgage 65, a trading name of Fairstone Financial Management Limited who are authorised and regulated by the Financial Conduct Authority.