Equity Release has grown in popularity in recent years and provides home-owners over the age of 55 with the ability to release money from their home. Many people in retirement find they have considerable wealth in their property but insufficient funds for day-to-day living or one-off expenses.
By using an equity release product, a home owner can draw a lump sum and/or regular smaller sums from the value of their home while continuing to remain living in it, without the worry of having to make repayments.
- Improve your standard of living in retirement
- Pay off debts, such as outstanding mortgages or credit cards
- Carry out alterations to your home to enable you to remain living in it independently for longer
- Paying for help around the home, including domiciliary social care
- Providing financial assistance to your loved ones
- Taking the holiday of a lifetime
Although equity release can seem appealing, it is vital to speak with appropriately regulated individuals to ensure you weigh up the pros and cons fully.
Note: Equity released from your home will be secured against it.