Equity Release Solicitors in Sidcup, Bexley and Kent
Increasingly people are choosing to take out a lifetime mortgage on their homes in order to raise money with the knowledge that they can remain living in their homes for the rest of the lifetime or until they move into care permanently.
Unless they decide to pay back money whilst the mortgage is running, all money owing to the lender, which includes the compounded interest, is paid back from the sale of their home. The lender can never seek to recover more than the value of the home (unless there has been a serious breach of the mortgage) during the borrower’s lifetime no matter what has happened to house prices or how long the person has remained living in their home. The lifetime mortgages are fully financially regulated and also subject to the Safe Home Income Plans scheme.
We are not authorised to offer financial advice or comment on the suitability of a lifetime mortgage (these are the responsibility of the financial advisor), but we can offer independent legal advice on how the mortgage will operate and what is expected of the borrower.
We have many years’ experience of how lifetime mortgages operate and are very familiar with the different providers of those mortgages. We fully appreciate that clients have a variety of reasons for securing a lifetime mortgage on their house and how very importantly it can allow them to carry on living at home.
Our services include:-
- Advising on the nature, scope and operation of the lifetime mortgages;
- Seeing clients in person to explain the lifetime mortgages;
- Seeing clients at home for no additional fee by prior agreement; and
- When required to assist with dealing with any issues that need to be resolved in relation to the title of the property so that the lifetime mortgage can proceed.