Equity Release allows you to access some of the money tied up in your house with absolutely no worries of having to give it up. Many retired people find themselves ‘asset rich and cash poor’. Maybe your pension isn’t as much as you had hoped for but you have seen your property value rise over the years. Maybe you don’t have enough money for the extras in life but do not wish to move house.
The most popular reasons for releasing equity include:
- Repaying a mortgage or other debts.
- Home improvements.
- Topping up the pension – this could be a regular income or it could be to pay for the extras in life from time to time.
- Helping the family – ‘the bank of Mum & Dad’ is a popular way of helping first-time buyers onto the property ladder or providing a ‘living inheritance’.
- Domiciliary care – many people who need care want to do so in their own home.
Other uses include:
- Upsizing – we often hear about downsizing but sometimes people want to move to a more expensive property and equity release can help with this.
- Funding a lease extension, also known as lease enfranchisement.
- Private medical care.
You can use equity release for any legal purpose – the only limit is your imagination.
CONTACT AN EQUITY RELEASE SPECIALIST