If you’re a homeowner aged over 55, Equity Release could help you to unlock, free – or ‘release’ – equity from your home, so that you’ve got extra cash to spend on the things you want or need.
‘Equity’ simply refers to the difference between what your property is worth and any outstanding loans, such as a mortgage loan secured on the property. More people than ever are now considering Equity Release because of factors including: cut-backs in state pensions, inadequate private and company pensions, longer life expectancy and improved Equity Release regulations. For many people though, they just want to improve their quality of life.
It’s entirely up to you what you spend the money on and how you receive it – you might want a one-off lump-sum or you might choose regular instalments.
Some popular uses for the funds are:
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