Are you considering an equity release product to free up the equity in your home? Are you worried about losing control of your property? We can help.
What is an Equity Release Product?
Equity release products allow you to free up some the equity in your home so that you can use the money for other things, for example long term care costs.
Make your choice carefully
If you are considering an equity release product, it is crucial to ensure the rights to your property are not compromised by the scheme you are considering and that the scheme is appropriate to your circumstances. If not, your home could be at risk, or you could end up owing more than you are able to pay back.
The Equity Release Council is a trade body for companies providing equity release products and ideally you should check that the company you are considering is a member. Members sign up to a code of practice, formerly known as the Safe Home Income Plans (SHIP) Code of Practice, and there are product standards which guarantee that you will never owe more than the value of your property after all fees are taken into account.
Take Legal Advice
Before you sign up to any equity release product it is important to take legal advice so that you know what you are signing up to. You should consider the impact on arrangements made in your Will and also how the plan will affect your inheritance tax situation.
At Backhouse Solicitors we can provide expert advice on equity release schemes, explaining the benefits and potential problems of these arrangements and how they will affect your estate. Please contact us for further information and to book a consultation with one of our experts.
Tel: 01245 893400
Email: [email protected]
Visit: 71 Duke Street, Chelmsford, CM1 1JU
Or send us a message through the Contact Us page on this website.