Could Equity Release Help You
If you are over the age of 55 or near retirement, equity release could be a great way to access the money tied up in your home without the need to move or downsize.
Equity release will reduce the value of your estate and can affect your eligibility for means-tested benefits.
Your home may be repossessed if you do not keep up repayments on your mortgage.
If you are over the age of 55 or near retirement, equity release could be a great way to access the money tied up in your home without the need to move or downsize. You can release either a tax-free lump sum or set up a flexible borrowing facility.
The amount you can release will vary depending on the provider, your age, health, and the value of your property.
Could Equity Release Help You?
The most common use for equity release is for home improvements, but you could also use the funds to buy a more suitable property. Maybe you want to buy a bungalow but it’s more expensive than your current home; a lifetime mortgage could bridge the gap without the monthly cost. Other popular uses include: debt management, repayment of an existing mortgage, supplementary income or payment for long term care.