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Equity Release Matters
British people over the age of 50 are estimated to have more than £750 million equity in their homes. That is, the extent to which their market value exceeds any debts attached to them.
* Many people choose to leave this equity tied up in their property for much of their lives. However, an increasing number of people are now choosing to release some of this equity and turn it into cash. Some of this may be to supplement income in retirement when pensions or other sources of income are no longer meeting expenditure, let alone keeping pace with inflation and the increasing costs of living.
As well as providing an option when considering funding for Long Term Care, Equity Release is generally available to homeowners over the age of 55 who would like to free up some of the capital stored up in their property. This can provide a lump sum payment, regular income or both. This money is available for you to use as you wish.
Some other reasons for wanting to release some cash from your property may be: -
- Paying off an existing mortgage or secured loan
- Repay debts
- Enhancing retirement planning
- Improving lifestyle
- Buying a new car or paying for a holiday
- Home improvements
- Helping out family or loved ones
Your property may be repossessed if you do not keep up repayments on your mortgage.
The Financial Services Authority does not regulate commercial mortgages
Further information regarding Equity Release can be found on the following pages but, as always, if you have any questions or would like to discuss your options in greater detail, please give us a ring on 01992 500800 or alternatively complete our Enquiry Form.
* Source: The Telegraph (Ian Cowie – Is Equity Release a Good Idea? – 25th October 2011)
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