With the UK economy struggling to lift itself out of recession more people are releasing cash from their home by way of equity release (“ER”). There are two main types of schemes: lifetime mortgages and home reversion plans.
With a lifetime mortgage the homeowner takes out a mortgage against the property which is repaid when the homeowner dies or no longer needs a home. The most common are “standard roll up” and “flexible drawdown”.
With a home reversion plan the homeowner sells all or part of his property to a reversion company.
The main attractions of Equity Release schemes are:
Each scheme has advantages and disadvantages.
Do you want to know more about equity release? Here are the options:
I have been a client of Stennett and Stennett for a while now and have always found them professional, efficient, understanding and caring. Michael Stennett in particular has advised and helped me in dealing with the administration of the Power of Attorney for both my parents and has always gone out of his way to provide a friendly and attentive service. I would not hesitate in recommending them to friends and family and will always use them in any future legal transactions when I need legal advice.
Without hesitation I can say Stennett & Stennett kept me well informed by periodic updates about the progress of the estate, and what options were available and advised accordingly but always asking what i wanted to do .His services were definitely efficient and courteous
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