What Is Equity Release? – For those planning on their future
Equity Release Explained: A Comprehensive Guide
What Is Equity Release? Your equity release is one of the most important decisions you will ever make. It can also be a difficult decision to make, but it doesn’t have to be!
Equity release is a way of releasing ownership over your property in order to access funds from your home, while still retaining some control. By using an equity release product (or sometimes called lifetime mortgage), you will receive regular income payments until your death or the sale of your house. Finally, if you sell up and move into accommodation that’s more suitable for someone who doesn’t live alone, any leftover equity could go towards buying somewhere smaller with care needs included as part of the rent putting money back into your pocket!
It’s a great opportunity to fund your retirement without having to rely on the state pension or your savings. And with all the recent changes in social care, it’s become even more important that we plan ahead for our future and protect ourselves from any unexpected expense!
It means freeing up some capital from your home which can then be used for pensions where their pension pot has been exhausted and don’t have enough money left at retirement age, and care costs such as social care or paying towards private residential care if they need more than local authority funded support.
You don’t have to sell your house to make equity release work. You just have to borrow some money from the value of your home, and you’ll be given an income for as long as you need it!
It’s a great idea if you’re living on a tight budget with very little savings or pension pot left – because all that needs doing is making sure there are enough funds in place when they come to retire.
With this loan, people will then either use the cash towards care costs or even invest it back into themselves so they don’t have any worries about financing retirement at later date.