5 ways Equity Release can help you
1 Get the lump sum you want
You may want a new car to get out and about, the money for your daughter’s wedding or one last big holiday. When in retirement it can often be hard to get a lump sum via a standard loan or by re-mortgaging as these products have terms that require you to cover monthly re-payments which you may not be able to commit to while on a pension. Equity release allows you to get a lumps sum now, with no monthly repayment commitments.
2 Help your family out the way you want
Nowadays it’s proving very difficult for the younger generation to make it onto the property ladder without a little boost from the “bank of mum and dad.” But many people don’t have that amount of money laying around and feel unable to help. Releasing funds from your home allows you to gift cash to your children so you can set them up for life, while still being around to see them enjoy it. Some grandparents also use it to help their grandchildren pay for college fees to reduce the debt that they otherwise would have after graduating.
3 Get the home improvements you want
Another reason why people choose to access funds from their house is to re-invest in their property by carrying out home improvements or adaptations. Not only does this make it more comfortable to live in, but it can also maintain its value and keep energy bills down.
4 Go debt free
Many people go into retirement with outstanding debts such as loans, credit cards and unpaid mortgages. With their monthly income reducing it can sometimes be a struggle to keep up with the monthly payments.
Releasing cash from their property enables them to clear these debts and get rid of financial stress in retirement. Equity release plans can be set up with no monthly repayments to allow you to enjoy a more relaxed retirement as the money is only repayable when the property is sold or when you pass away.
5 Live your life the way you want
The dream of a good retirement is often shattered by the reality of financial struggles in later life. Many retired people are asset rich but cash poor, meaning they have money tied up in property with no cash to spend on the life they deserve.
We have found that many people wanted cash from equity release to access the funds tied up in their “bricks and mortar” to spend on the life they desired and deserve in retirement. With the option to spend the money on whatever they like to improve their life in retirement it really does seem a viable option to enjoy the good life: holidays, wine, cars and cruises or even perhaps a holiday home, Some people with high value homes use equity release to pay towards another property giving them their own home in the sun plus a home here in England.
To find out if equity release could help you please phone Age Concern Liverpool & Sefton on 01704 542 993