Equity Release

If you are a retired home owner, equity release can be one way to fund your retirement. For most of us, our home is our biggest asset. As such, we may want to realise a little of that capital without having to move home or sell up entirely.

Releasing Equity

Normally, homeowners over 55 can release equity from their home. ‘Equity’ is the market value of your home, minus the outstanding mortgage and any other debts secured against it. This amount, or a fraction of it, can be released in the form of a tax-free lump sum or instalments. There are two main types of equity release available in Scotland:

  • Lifetime Mortgages – this is similar to a mortgage, but with no repayments during the borrowers lifetime. The amount owed is paid out of the deceased’s estate on death.
  • Home Reversion Plans – this involves selling a portion of your home. You retain the right to live there but ownership of all or part of your home is transferred to the lender.

Equity release can be a useful solution, but it is not for everyone, and there are certain legal requirements which must be complied with. Contact us for advice on equity release.

Equity release lawyers Glasgow

To discuss equity release, call us on 0141 647 9851 or click here for more information.

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Office locations

Rutherglen

Carr Berman Crichton Solicitors,
90 Main Street,
Rutherglen
Glasgow,
G73 2HZ

t: 0141 647 9851
f: 0141 643 2171
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City Centre

Carr Berman Crichton Solicitors,
97-99 West Regent Street,
Glasgow,
G2 2BA

t: 0141 647 9851
f: 0141 643 2171
e: This email address is being protected from spambots. You need JavaScript enabled to view it.This email address is being protected from spambots. You need JavaScript enabled to view it.

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