Everybody has an opinion on equity release schemes. Some see them as an excellent way to get some much needed financial support in retirement. Whatever your individual view, the fact remains that life in retirement could be changed for the better thanks to UK equity release schemes. They could mean the difference between living a comfortable retirement and or just getting by.
Speak to any equity release customer and there are usually three main reasons they give as to why equity release was the right option for them:
Tax Free Money to Spend on Whatever you Wish
The cash released is tax free and can be spent on absolutely anything desired; from home improvements to holidays or helping the kids onto the property ladder.
Alternative Ways of Receiving the Cash
People are different. Some will want the cash in a lump sum, some prefer a cash reserve from which they can draw down smaller amounts as and when they require. There is enough flexibility across the various equity release plans to decide upon the best solution to suit specific needs.
Stay in your Home
Not moving away from the property which has been home for many years is favourite in most cases. Equity release allows the freeing up of some of the home equity without the need to move, guaranteeing staying in the home for life providing a SHIP equity release plan is selected or one that offers the same guarantees.
Home reversion plans and lifetime mortgages are options worth exploring for those over the age of 55. An equity release adviser will be able to explain everything in detail and will make sure you are 100% in the know before any deal is confirmed.
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.
