The money you release with an equity release plan is yours to spend in absolutely any way you like.
We’ve seen customers use their money in lots of different ways, but the most popular ones are:
Making home and garden improvements
Paying off an existing mortgage
Help with day-to-day living costs
Enjoying dream holidays and once-in-lifetime trips
Paying off loans and credit cards
Buying a new car or caravan
Gifting money to loved ones – perhaps helping them onto the property ladder, or giving financial support through university
Paying for at-home care
Please remember that with an equity release plan you must be able to release enough equity from your property to completely pay off any outstanding mortgage or loan secured on it (or have enough funds by other means to do this). The remaining money is then yours to spend as you want tax free.