30 Jan 2024
Why should you consider Equity Release?
What is Equity Release?
Put simply, Equity Release is where you can release equity (money) tied up in your home for any purpose you like. If you or someone you know are over 55 this could be a brilliant way to improve the quality of life in your retirement years and help prevent any financial concerns when you’re no longer working full-time.
Different Schemes
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 due for repayment until you either pass away or move into long-term care.
Reasons for Equity Release
Below are some of the most popular reasons why people take out equity release:
- Home and garden improvements
Research conducted by Legal & General Home Finance shows that over 50% of equity release was used for home improvements.
Getting older can mean you may need to make adaptations in your home to enable you to keep living there. These improvements can be more affordable and less hassle than moving house. Improvements can include, carrying out a loft conversion to increase the value of the house, installing a new kitchen, and putting in a downstairs toilet to improve accessibility. - Paying off debts
Many people release equity from their home so that they can pay off any debts such as a previous mortgage, car loan, or credit card. - To help family members financially
It is common for people to choose to release money tied up in their home to help their children. Some use it to pay for their children's further education whilst others like to use the money to help their children onto the property ladder. Many prefer to help their children out whilst they are still alive rather than leaving them money in their Will so they can see the difference they have made to their lives. - Holidays and other luxuries
Some people decide to use the funds released for 'large ticket' items such as holidays or car purchases. In many cases, equity release can mean you can live to the fullest whilst still living in your own home.
Talk to a Mortgage Adviser
It is important to speak to a Mortgage Adviser who is a member of the Equity Release Council as they can help you to make the right decision for your individual needs.
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