It is important however, to fully understand the impact equity release will have on your finances and our experienced team are here to help and support you through the process.
Equity release allows you to “unlock” cash from the value of your home and so far this year (2019) over 33,000 new customers have chosen to access their property wealth via equity release supported by regulated financial and independent legal advice. This exceeds the total number of new plans agreed in any full year from 1991-2016 since consumer safeguards and industry standards were first introduced to the market nearly 30 years ago.
Homeowners use their “unlocked cash” for a range of purposes including:
- Supplementing pension incomes
- Making gifts to family members (expert legal advice needs to be sought)
- Making home improvements
- Paying off existing mortgages or other debt
- Meeting one-off or regular expenses
- Having cash available for unforeseen circumstances
Equity release is a lifetime commitment and to qualify you will need to be over a certain age, this is usually over 55. You are able to continue to live in your home and are loaned the money which will then be repaid from the sale proceeds of your property, either when you die or move into long term care.
Whilst equity release works well for some people, it is not suitable for all and it is important to fully understand the impact equity release will have on your finances and to take specialist legal advice. Initially you will need to talk to an independent financial adviser to see if equity release is right for you.
For expert advice regarding the legalities surrounding equity release, contact our team below.