Benefits of Equity Release (Cash Release Scheme)
Over the years not only have you seen your home increase in value, but you have probably enjoyed many happy moments in it. Not surprisingly, you may be reluctant to leave it along with your friends and family. This is the real advantage of equity release, nothing changes in where you live, just that the cash released can improve the way you live.
The cash released can be used for whatever purpose you want, whether that is to
- replace your car,
- make home improvements
- pay off any outstanding mortgage or loans you have - making an immediate improvement to how you enjoy your retirement.
- provide extra income to help meet all your bills, which all too often seem to increase by more than your pension increases.
- help your family now.
However, as equity in your home may be the main or even only asset you have to help you through retirement, we would suggest you use it wisely.
All equity release products involve borrowing against, or selling all or part of your home, and may work out more expensive in the long term than downsizing to a smaller property, and may affect your entitlement to State benefits and grants. There may be more suitable methods of raising the cash you need. We would be pleased to assess this before recommending a cash release scheme for you.
Now take a look at the different types of equity release schemes available.
"Equity release" includes home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.