People opt for equity release for many reasons. For some, it’s a simple matter of using the tax-free cash to clear existing debts or an existing mortgage in order to free up their monthly income. For others, it’s a chance to fund the things they’ve always dreamt of doing and now have the time to enjoy.
Equity release could enable you to provide financial support to your family too, contributing to their education costs or helping them to get a foot on the housing ladder.
Home improvements are also right up there on the list of reasons why people choose to access money from their home.
Selling and moving to a smaller property is one option to access the wealth in your home. However, a lifetime mortgage, a type of equity release, allows you to unlock some of the tax-free cash from your home while staying put.
Typically with a lifetime mortgage, there are no monthly repayments to make as the loan, plus compound interest is usually repaid through the sale of the property when the last remaining applicant passes away or moves into long term care.
Lifetime mortgaes now come with different features and benefits, and those taking out a lifetime mortgage can find a tailored plan suited to their circumstances.
Could you be eligible?
If you’re looking into equity release, then you'll already know what you would spend the tax-free cash on. So the next step is to find out whether you could be eligible and how much you could release. By using our free online equity release calculator, you can find out in an instant.