Family Law Firm Gibson Kerr Gain National Press Coverage In The Scottish Sun
Wednesday, October 26th, 2011
Equity release story proves the Holyrood Partnership is a main asset for family law firm
Family law firm Gibson Kerr were highlighted in a retirement advice story in The Scottish Sun on August 4th. The story highlighted their belief that, as the cost of care for the elderly increases, so more retirees will seek to release equity from their homes – an appealing way to make their retirement years more secure.
Basically an equity release scheme is a way of gaining a regular income from their biggest asset, their property. Scott Rasmusen, partner at Gibson Kerr, said in the article, “Equity release schemes are a good way for people who don’t necessarily have a big pension or savings to get extra money that will help fund their retirement”.
Mr Rasmusen also highlighted how the scheme can be used to pass on money to loved ones, avoiding inheritance tax that would accrue from the sale of the property upon death.
He said in the article, “”Essentially it is a way of borrowing money against the value of your home, with the debt being repaid from the sale proceeds once you die. You can then use it to make your retirement more comfortable, or to avoid inheritance tax by giving the money to your family before you die, as long as you do it early enough.”
There are two main equity release schemes in Scotland – lifetime mortgages and home reversion. Lifetime mortgages involve taking out a loan against the value of your property, whereas home reversion operates on the basis of selling a part or all of the ownership of your home, yet being able to live in it until death.
If in any doubt people approaching retirement should seek advice on this matter from a reputable family law firm, such as Gibson Kerr.