Your home is so much more than a place to rest your head, it’s a place where memories are made, and in your later years, it can even provide a boost to your bank balance.
There are many reasons that may lead to you wanting to boost your finances as you get older. Maybe the pension pot is a little smaller than anticipated and therefore needs a helping hand? Or perhaps you’re planning on travelling a bit in the next few years, and so need to raise more money to cover the costs?
Whatever the reason may be, one of the biggest assets many older people have is their property.
And in the case you don’t want to downsize, take in a lodger or rent a room out, you can release some of the money you’ve built in your home through equity release.
Equity release is effectively a loan that is taken out against the value of your property, and has become an incredibly popular option as of late as it allows individuals to increase their own financial position, or even help loved ones with an inheritance that could help them purchase their own home.
This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
Include equity release fees.