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Common Questions Asked About Equity Release

By Mark Gregory on August 13th, 2010

There is no doubt historically, that buying property long term has been a profitable investment.

This phenomenon is now becoming of great assistance to people nearing retirement and needing an additional source of income to help live comfortably. Older homeowners now have the option to free up money from their home to gain a steady income. This can be done though equity release schemes which enable homeowners to release accumulated equity in their property.

 

Why would people want equity release?

The main reason to opt for this process is to free up money in a property. This money can be used to accomplish a number of purposes. While some homeowners prefer to use the money on daily expenses to make their lives better, others use it for taking holidays or to buy personal items they want or need. Regardless of the need, equity release calculators can help analyse & work out how you can achieve this quickly and easily.

 

Is it an ideal option?

Equity release can be an ideal way for retired people to get a certain percentage of income from their properties. However, the convenience of this option differs from person to person. While some people prefer to get regular payments from their homes without moving out, there are others who would want use their property to get a large tax free lump sum.

 

Do I need legal advice?

This is one of the most common questions people ask themselves when asking about equity release. Although it sounds like a fairly simple process, it is best to have a professional overseeing the process. This will ensure the scheme is suitable and beneficial for you. One of the aspects the solictor must undertake to comfirm he/she is satisfied the client understands the contract they are entering into, is the signing of the SHIP certificate.
This confirms the solicitor has discussed the equity release scheme with the client, & is happy, that they are happy, with the process & legal implications of taking out equity release form the property.
Equity Release Supermarket can recommend a solicitor who is a member of ERSA. This is an alliance formed between a group of established law firms that specialise within the field of equity release. These solicitors aim to promote the importance of specialist equity release legal advice within the equity release marketplace.

 

To find a solicitor who can act on your behalf contact the Equity Release Supermarket team on 0800 678 5159.

 

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