Equity Release Advice
Your equity release advice solicitors in Cornwall and Devon
If you are looking to boost your retirement income so you can enjoy life to the full, you may be considering an equity release mortgage.
Coodes Solicitors is the only law firm in Cornwall that is a member of the Equity Release Council, giving you the assurance that the very best equity release advice is right on your doorstep.
Our award-winning conveyancing service is based in offices in St Austell, Truro, Falmouth, Newquay, Launceston, Liskeard, Penzance and Holsworthy. That means we can provide a personal face-to-face service, in a location near to you.
What is an equity release mortgage?
Sometimes called lifetime mortgages, equity release mortgages allow homeowners aged 55 and over to tap into the value of their property and access what is often their most valuable asset. An equity release mortgage can make cash available either as a tax-free lump sum or in the form of regular payments, which many use to boost their retirement income.
The amount of money made available is determined by your age, the property value and the state of your health. It also varies between different lenders and the type of plan you choose. The money that you receive is yours to use for whatever you choose. Perhaps you are looking to carry out home improvements, finally have that dream holiday, or would like to support your children.
Getting the right equity release advice
Before taking out an equity release mortgage it is very important that you seek advice from an independent financial advisor. This will help you decide if equity release is right for you and which scheme best suits your needs, taking into account whether you require a lump sum or income, the value of the property and how much of it you wish to leave as inheritance.
You will then need to appoint a solicitor to act on your behalf. Securing an equity release mortgage involves a more complex process than obtaining a standard mortgage. An important requirement is that you must have a face-to-face consultation with a qualified lawyer, who will ensure you understand the product, the legal obligations and the contract you are entering into.
Advising on equity release is a highly specialist area. As Cornwall’s only law firm to be a member of the Equity Release Council, Coodes has a specialist team of lawyers with the expertise to advise on, and help you, secure your equity release mortgage. Our award-winning conveyancers work closely with our Elderly Client team to provide you with a seamless service.