People opt for equity release for many reasons. For some, it’s a simple matter of using the tax-free cash to clear 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, the most popular form 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 roll-up interest is only repaid when the plan comes to an end.
Increased flexible product features have also fuelled the rise in popularity of lifetime mortgages. Plans now come with different features and benefits, and with this rise in options those taking out a lifetime mortgage could ensure a more tailored plan suited to their circumstances.
Could you be eligible?
If you’re looking into equity release, there’s a good chance you 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.
Things to consider
Mortgage Advice Bureau Later Life offer lifetime mortgage products from a carefully selected panel of providers.
Mortgage Advice Bureau Later Life offer lifetime mortgages only, which is a loan secured against your home.
With a lifetime mortgage there are typically no monthly repayments to make as the loan, plus roll up interest, is repaid when the plan comes to an end. Usually, that’s when you, or the last remaining applicant, either passes away or moves into long-term residential care.
With a lifetime mortgage you’ll still retain full ownership of your home.
You should always think carefully before securing a loan against your home.
Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits.
Unless you decide to go ahead, our service is completely free of charge as our usual advice fee of 1.5% of the amount released would only be payable on completion of a plan, subject to a minimum advice fee of £695.