As the largest purchase in a lifetime, a house presents the most sizeable investment of your personal capital, making it also your greatest financial asset, particularly when you’ve paid your mortgage entirely. With improved healthcare and rising prices, retired life for most people will be longer and more costly than initially planned for. Available funds will need to stretch further, so it’s crucial that your home – your largest asset – is working to your benefit.
Using the value of your home in equity release, with any associated debt like a mortgage subtracted, has become a popular approach to providing future financial security and stability in later life. Equity release plans are designed to enable eligible property owners aged between 55 and 95 with homes valued upwards from £70,000 to access cash, typically via a lifetime mortgage.
There are multiple ways to spend funds from an equity release, including clearing debts, improving your living standards and even refurbishing and renovating parts of your property. As well as providing tax-free cash, equity release can prove less inconvenient and stressful than having to downsize, allowing you to remain in your own home.
If you’re a homeowner contemplating equity release, prior to securing a loan against property, you must consider your options with a long-term view. Equity release can impact your entitlement to certain benefits that are means-tested and reduce your estate’s value. Experts on equity release, you can depend on us at Ingard Financial for specialist advice whenever required.
