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July 18, 2013 Latest News

Divorce and Equity Release

According to the latest ONS figures more than 13,700 over-60s were granted a divorce in 2009, up 4% in two years. This contrasts with all age groups, where divorce fell by 13%.

For many of these couples the only major asset to be shared is the family home. For younger generations that are still working, re-mortgaging to buy one partner out or selling and borrowing against a new property are the standard solutions.

However, for the more mature or retired divorcees, traditional mortgage solutions cannot be used typically for the following reasons:-

• Insufficient income to prove affordability
• One of the partners wants to stay in the family home
• The property value is too low to purchase two new separate households

Equity Release can used to cover any shortfall in raising capital to fund a divorce, without having to sell the home. This would be subject to certain criteria, however, with each case being individually assessed.

This is, of course, only a very brief outline of how to use Equity Release for Divorce so do please me free on 0800 612 6755 or call me on my mobile for more information: 07888 979 799 . The matter will be dealt with sympathetically and in the strictest confidence.

This is a lifetime mortgage. It may affect your entitlement to state benefits & will reduce the value of your estate. Think before securing other debts against your home. To understand the features and risks, ask for a personalised illustration. Your home may be repossessed if you do not keep up repayments on your mortgage. The Right Equity Release does not charge any up front fees. A fixed fee is only charged on completion of an Equity Release Plan. Typically, this is 1.5% of the total facility or £995 whichever is the greater.