Equity release is firmly on the agenda for many older people. In fact, with a recent Government white paper looking at incentives for the elderly to downsize, it’s never been a better time to look at equity release as an alternative means for improving your standard of life.
As mentioned on our dedicated page, an equity release mortgage is a way for anyone aged over 55 to access the equity (i.e. cash) that is tied up in their home. This equity can be received either as a one-off payment or paid over a period of time (or, in fact, a combination of the two).
Why Choose An Equity Release Mortgage?
There are a number of reasons for why anyone may want to release expenditure from their home. It may be that they have a number of large bills that they need to pay, or even repairs that need to be done to their home, and need the money to pay the costs. Alternatively, it may be that you want to improve your standard of life and are looking for more disposable income that you can use for special occasions or on a daily basis. It could even be that you are wanting to gift families and friends and are looking for money for that very reason.
Whatever reason you may have for looking at equity release the most important thing to remember is that it’s a big decision that will affect the rest of your life. It will mean giving up full control of your home and reducing the amount available to leave your family. And, even though you don’t have to pay tax on what you borrow, it will affect your tax position and access to means-tested benefits. So, before you make any decision you need to be sure that you’ve thought it over thoroughly and are making the right decision for you.
Calculate Your Equity Release
To make things easier in regards to understanding how equity release will help you in your situation, we’ve put together an equity release calculator that will let you know exactly how much equity release you can get.
Please remember though this is just a guide. For a personalised quote and impartial advice please give us a call and we’ll be able to talk this through in details.
Making A Final Decision
Once you’ve had a look at the Equity Release Calculator and read our information on Equity Release (you can download a very useful Equity Release Guide), you may want to speak to one of our financial advisors who will help you find the best deal and advise you on what kind of equity release is right for you (whether it’s an equity release mortgage, downsizing or a home reversion) and ensure that you fully understand the long-term implications of equity release.