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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 or Home Reversion. It may affect your entitlement to state benefits and will reduce the value of your estate. Mortgages on or equity released from your home will be secured against it. Think carefully before securing other debts to your home. To understand the features and risks, ask for a personalised illustration. 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 £1,295 whichever is the greater. The information contained in this website is subject to the UK regulatory regime and is therefore intended for consumers based in the UK.