While the cost-of-living crisis rages on, many of us are looking at ways we can tighten our belts.
If you’re over 55, you could potentially help yourselves and your loved ones as they face the increasing costs too. You could have money locked up in the equity in your home that could help you relieve the pressures of soaring bills. Releasing the equity in your home could offset some of your outgoings and the loan is only repaid upon your passing or admittance to long term care, where your property will be sold to repay the loan
The main advantages of equity release are:
- You don’t need to have paid off your mortgage in full to be eligible for equity release
- You still own your home and you will continue to live in it
- There are no monthly repayments
- The money you release is tax free
- You can take the money in one lump sum or smaller instalments
Read more about equity release and how we could help here.
The money released could be used to help clear an existing mortgage, again giving you more wiggle room to allow for higher outgoings in bills, food and fuel as they continue to climb. You could also choose to clear any debts you have which could not only relieve financial pressures but it could also help alleviate stresses and worries associated with debts and repayments.
If you’re concerned about securing an inheritance for your beneficiaries, many products now offer the ability to protect a sum of cash for them once you’re gone, or look at the gifted cash as a living inheritance, so you can enjoy seeing them utilise the cash you’re gifting.
If you think Equity Release could help you (and maybe your loved ones) to tackle the current financial climate, get in touch with our specialist advisers to see what we can do for you.
SPEAK TO AN ADVISER
This is a lifetime mortgage. To understand the features and risks, 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. A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.