Recent statistics published by Bridgewater Equity Release have revealed the top three reasons for homeowners releasing cash from their homes via a home reversion plan are repaying a mortgage, home improvements and other types of debt consolidation.
Bower, specialist independent equity release advisers offering face to face advice throughout the UK, have responded to the findings by publishing their own set of ‘reasons why’ the tax free cash is benefiting their clients, and the list makes interesting reading.
Managing Director Geoff Charles agrees that there has been an increase of late in enquiries from homeowners wishing to release equity in order to repay their mortgage which is in line with the recent Daily Mail report that stated one in four pensioners has a mortgage in retirement.
But addressing a more diverse range of statistics, he says, ‘We have helped our clients fund a varied range of retirement dreams courtesy of a lifetime mortgage or home reversion plan. These include buying a canal barge; maintaining a Grade II listed farmhouse; funding private education for grandchildren; purchasing a holiday villa abroad, a trip on the Queen Mary and visiting relatives in Australia.’
Any number of retirement aspirations can be realised by releasing some of the value locked into a home, not least repaying a mortgage, making improvements to a home or repaying debt.
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 e-mail [email protected] or call 0800 4118668. Bower offers a no obligation initial consultation to homeowners considering Equity Release.