0 Commonly Asked Questions about Equity Release By The Bower Team / In Equity Release Retired or retiring soon? By seeking independent financial advice in retirement you will be able to better understand your options and how you can live a more comfortable and enjoyable life after finishing a lifetime of work. One of those options is equity release. Equity release schemes provide a lump sum or a regular income that can make a big difference to people’s lives. Here we cover some of the most commonly asked questions: What is Equity Release? Equity release allows homeowners to unlock the equity in the home without having to move out. An equity release scheme is a potential retirement planning option. What can the cash from an Equity Release plan be used for? The attraction of equity release is that the tax free cash can be used for absolutely anything. Commonly the money released is used to increase disposable income, repay an existing mortgage, make home improvements and offer financial help to family members. Do I qualify for Equity Release? Those who wish to take advantage of an equity release scheme must be a homeowner, and if living with a partner, both need to be aged at least over 55 years of age at the time of application. How Much Equity Can I Release? How much tax free cash that can be released depends on a number of factors; an equity release calculator can give you a broad idea but there is no substitute for discussing the matter with a professional and fully qualified equity release adviser. Of course there are many other important questions that need to be answered when considering releasing cash from the home. Remember that equity release is a big step so make sure you have all your questions ready for your equity release specialist who will only be too pleased to answer them for you. Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration. Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information email [email protected] or call 0800 4118668.