Equity Release

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What is Equity Release?

Equity release allows you to generate funds against your home without the need to give up ownership right away. This type of funding options is particular suited to individuals over the age of 55.

Equity release payments typically come in the form of regular payments over the period of several years, or a single lump sum payment. The amount of the total payment and the value of the equity depend on several factors. These include the condition, size, and market value of your property.

Your property must meet specific criteria to be eligible for equity release. It must be:

  • Your main residence
  • In a reasonably good state
  • Based in the UK
  • Valued above a certain amount
  • Owned by you

You may need to meet other requirements to be eligible for equity release. The experienced equity release solicitors at the London-based Adam Bernard’s can help you determine whether or not you are eligible for this funding route.

You will also need independent legal advice (ILA) when applying for equity release. Our independent legal advice solicitors can help you meet this requirement and expedite the process.

You will typically have the option of choosing from two types of equity release plans when seeking this form of funding. These include home reversion equity and lifetime mortgage equity. Here is a look at these.