Equity Release
If you own your own property and are over the age of 55 it may be possible to release equity from your home.
Equity release allows retired homeowners to generate either a tax free lump sum or a regular income by releasing the cash held in their home without having to move to another property.
Gilroy Steel offer specialist legal advice in equity releases and can put you in touch with independant financial advisors who will provide impartial advice on all the equity release plans available, recommending the best one for your individual needs.
Typically such packages are at a fixed rate with the interest rolled up. In other words you do not pay any interest at the time, but the amount owed increases year by year.
If you are nearing retirement and have a current mortgage on your property but are finding it difficult to meet your repayments, them releasing some equity in your home could help by repaying your mortgage and having some extra spending money.
You can also release equity for other reasons, such as a holiday of a 
lifetime, a cruise, a new kitchen or just to consolidate other debts.
The great thing about equity release is that the property remains yours and there are firm and binding guarantees in place ensuring that you cannot be obliged to sell or vacate your home until you die or go into permanent residential care and are unable to continue living in the property.
We are happy to discuss any aspect of this with you and, having found a suitable equity release plan, we can act for you in carrying out the legal process as as to ensure the quick release of funds.