Releasing money from your property
Sometimes, especially later in life, one needs an additional source of income. Releasing some money from the value of your home while you are still living there is known as ‘equity release.’ This can be an option for asset-rich people who needs additional finances to boost their spending power in specific circumstances.
Some of the common reasons for equity release include:
- Taking an early retirement
- Needing it for medical treatment
- Financing a wedding or
- Helping children
Should you consider taking out an equity release product, you should consult an independent property solicitor. Doing this is a major decision which should not be taken without professional advice.
Our equity release solicitors in Cardiff can advise you on this complicated area of the law and provide expert advice on how to approach equity release.
Equity Release FAQs
The Equity Release Council was set up just for this reason. It protects people. Any equity release company with the council’s logo must ensure that you never owe them more than the total sales price of your home. We recommend asking one of the professional solicitors at Robertsons Solicitors to check all the documents before you take this step.
The answer will depend on your circumstances. You can consider an equity release mortgage if you can’t downsize to a small home or if you don’t mind reducing your family’s inheritance. There are, of course, alternatives available. If you have doubts about equity release, it is all the more reason to speak to one of our property experts at Robertsons Solicitors.
It can be more expensive if you compare it to your typical mortgage. If you take out an equity release mortgage, you will be charged a higher interest rate, and your debt can accumulate quickly. Please speak to us before you decide.
