This is a financial product whereby you retain the legal ownership of your property but release the equity that you have in your home. This type of product only applies to people over the age of 55 who own their own home, with sufficient equity in the property.
Like any mortgage product they vary from lender to lender regarding their terms and interest rates.
However, here at Martin Gaffney Solicitors we can provide generic advice on the implications of entering into such a scheme. They are not suitable for everyone. There are also various other implications that need to be taken into account. For instance entitlement to benefits and reduction in the amount of inheritance that you may leave friends and family.
Please contact Martin Gaffney or Lynn Wallis at our Rothwell office on 0113 282 7988 for more information. Or for our Ilkley office contact Eric Hemsley or Hazel Cooper on 01943 605711.