You may have started to think about how you will manage financially in the future. If you own your home and have little or no mortgage, you may be considering equity release as a way to boost your finances.
Equity release is becoming increasingly popular by people of retirement age who wish to live more comfortably and enjoy their retirement while they are fit, healthy and active.
Financial advisers are finding that people often consider equity release because:
Their income was not enough to meet their financial outgoings.
To pay off an existing loan.
To meet an unexpected expense such as a new roof, central heating boiler, etc.
To have a more affluent lifestyle, such as; buying himself or herself a top of the range car and going on a worldwide cruise or luxury holiday.
To reduce the value of their estate for Inheritance Tax purposes (The current Inheritance Tax Threshold is £325,000).
An Equity Release Scheme could be a costly way to raise funds but can help homeowners to achieve some of their life goals by turning a percentage of the value of their property into money without the need to downsize and move home to a new property away from family, friends and neighbours.
Equity Release Schemes involve you borrowing money against the value of your home.
There are two main types of Equity Release Scheme: a Lifetime Mortgage and a Home Reversion Scheme. Knowing which type of scheme is best for you is a minefield, it is imperative you take expert advice in this area.
If you would like to find out more about Equity Release Schemes please click here and fill out your details on the web page. Alternatively call us on Chester 01244 322 330.