You may have heard of the term ‘equity release’ and simply put, this is the process of releasing some of the money that is tied up in your home. If you are over 55 you could either get a lump sum or a regular periodic income by mortgaging part of your home, yet you will still be able to continue living there. The money you release through equity release can be used in any way you like and it’s a brilliant option to consider in lots of different scenarios. When you’re thinking about equity release, it’s important to speak to a mortgage advisor that is a member of The Equity Release Council and they can help you to make the right decision for your individual circumstances. 

There are schemes to suit everyone. You can choose to make monthly repayments to the lender or not. Either way, the outstanding balance is not repayable until you either pass away, or move into long term care, when the property will be sold

If you’ve never heard of equity release before and you’re keen to learn more about its benefits, keep reading. Below we have explored some of the most common reasons why people consider releasing some of the money tied up in their homes. 

Add to a monthly pension 

It isn’t uncommon for people to use equity release to help them retire early. They will use the money that is tied up in their home to supplement their pension pot and this could be a brilliant additional retirement income. Using equity release enables you to improve your quality of life in your retirement years, yet you will still be able to live in your home until you pass away. If you don’t have a large personal pension, this mortgage service is worth considering.

Provide additional income 

Sometimes, people struggle to get by on their monthly income and they won’t have enough money coming in to live comfortably. However, if they have a property worth a lot of money, they can go ahead with equity release to take some of the pressure off. When releasing money tied up in their home, they don’t have to worry as much about how much money they’re spending on a day-to-day basis and they can reduce financial concerns. 

Undertake home improvements 

As they get older, some people need to make adaptations to their homes in order for them to continue living there and home improvements are both more affordable and less hassle than moving property. In addition to using equity release to be able to afford the adaptations required to make a home more convenient to live in, people will also use it to make home improvements to add value to their property. For example, some people will extend their home or carry out a loft conversion, enabling them to sell their property for more in the future. 

Help children get on the property ladder 

Lots of people choose to release some of the money tied up in their homes to help their children too. Some use equity release money to pay for their childrens’ further education and others use it to help their children get on the property ladder. Many prefer to help their children out financially whilst they're still alive rather than leaving them money in their Will and they will enjoy seeing how their money has made a difference in their children’s lives. 

Holidays and other luxuries 

When they don’t have much disposable income, it isn’t uncommon for people to use equity release to go on holiday or to enjoy more luxuries in life. Equity release enables people to make their dreams a reality without having to move out of their homes and it can help them live life to the fullest. With the option to release as much or as little money as they’d like, going on a holiday of a lifetime and making some amazing memories with loved ones is possible.

Speaking to a mortgage advisor about equity release 

Now you know more about equity release, if it’s something you’re interested in, don’t hesitate to contact us at Mortgage Required today. Our team of mortgage advisors near Bracknell can provide you with professional and helpful equity release advice, and they have many years of experience behind them. We have the expertise required to advise on all aspects of the mortgage market and we can help you find the perfect equity release solution for your unique circumstances. If you have any questions about equity release, our mortgage advisors near Bracknell will be more than happy to answer these for you too.

Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be between £399 and £599.

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