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Equity release, lifetime mortgages, home reversion or home income plans are a way of releasing tax-free cash, whether to buy that new car, to pay for a holiday or home improvements, or simply to make daily life more comfortable. These schemes allow you to borrow money against the value of your home, with the debt being repaid from the sale proceeds after your death. While there are a range of different schemes offering lump sums and/or regular income, they all work on the same principle: they lend you a part of your home’s value in return for a share of the proceeds when you die.
Equity release plans can be complicated and are a major step for many people. Your house is almost certainly the most expensive asset you own; it is also your home. Brooks & Partners are here to help you understand what is involved and to offer you the legal advice. By understanding your hopes and concerns for the future, together with your financial circumstances, we will help you review your options.
Age Concern as well as the Financial Services Authority both recommend getting independent financial advice before proceeding.
Solicitors of Choice for: Frimley, Camberley, Aldershot, Farnborough, Fleet, Farnham, as well as the wider Surrey and North East Hampshire areas.