Retiree homeowners beware – unlocking income may cost...

Retiree homeowners beware – unlocking income may cost...
House made of twenty pound notesIt is increasingly common for retirees to unlock cash by using their property, since this is usually their main asset and means of doing so. However, they should bear in mind “TANSTAAFL”. No, this is not an acronym for a fancy finance product or regulatory body, but for “There ain’t no such thing as a free lunch.”
Joanna Bhatia (LexisPSL Property) looks at some of the schemes for unlocking cash from homes - and sounds a note of caution for those thinking about entering into one.

Equity Release Schemes: the options

Older homeowners want to benefit from the value of their homes without having to move out of them. The ‘Equity release scheme’ is designed to achieve this.

There are two types of scheme:

  • lifetime mort

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About the author:
Joanna is a commercial property specialist. Prior to joining the LexisPSL Property team, she was a transactional lawyer. She qualified in 1995 at Shoosmiths and subsequently worked at Nabarro, Charles Russell, Bircham Dyson Bell and Pemberton Greenish. She has wide-ranging experience of all non-contentious property transactions, with a particular emphasis on landlord and tenant work.