Call Us
+1-(615) 799-4065
Our Location
California(CA), 91941
Equity Release
Also referred to as Lifetime Mortgages or Home Reversion Plans.
Enables homeowners to borrow money against their property without having to make any repayments during their lifetime.
About Equity Release
Equity release enables homeowners to release money against the value of their home without having to leave their home, make mortgage or rent payments, or worry about having to repay the money during their lifetime. The lump-sum they receive can then be used by them to enjoy their retirement.
Lifetime Mortgage
Under this arrangement, the homeowner retains ownership of the property and borrows money from the equity release firm, who then take the first charge over the property. Unlike normal mortgages, there is no obligation to make any monthly repayment to the lender and the interest due is simply added to the loan.
The loan (and the interest due on it) only becomes repayable following the death of the owner (or when the owner is placed into long term care so that the house is no longer needed) at which point the house can be sold and the loan repaid from the proceeds of the sale. Any money left over belongs to the owner (or their estate).
Home Reversion Plan
Under this arrangement the homeowner sells all or part of the property to the equity release provider who then grants the homeowner a rent-free, lifetime lease over the property, allowing them to continue living in and using the property as if they still owned it.
The equity release process will often require a Transfer of Equity or Occupiers Consent Deed to be entered into. You can find more information about Transfers of Equity and Occupier Consent Deeds here
The loan (and the interest due on it) only becomes repayable following the death of the owner (or when the owner is placed into long term care so that the house is no longer needed) at which point the house can be sold and the loan repaid from the proceeds of the sale. Any money left over belongs to the owner (or their estate).
Get a quote
ILA National s a leading regional law firm with national reach, providing fast, efficient and cost effective legal services
Contact:
Company:
Sign Up for Our Newsletter
ILA NATIONAL © 2025 ALRIGHT RESERVED
ILA National iLtd is a limited liability company which is registered in England, and whose registered office address is at 3 Tteachers Way, Melksham Wiltshire SN12 8FA