Could unlocking tax-free cash be right for you?

Many of us dream of repaying our outstanding mortgage and freeing up monthly thly committed expenditure. Well, with equity release, you could do just that. Homeowners aged 55 or over, who are looking for some additional money, have ave the option of unlocking tax-free cash from their home and choosing whether to take it as a lump-sum or smaller amounts over time.

Make your retirement years more comfortable

Equity release is often used to plug a gap for people who might have a shortfall in their pension savings as they approach, or are already enjoying, their retirement. For most of us, our homes are our most valuable asset, and if you’ve owned it for a number of years,

it’s likely to have increased in value and could mean you are sitting on a large amount of equity.

The most popular form of equity release, a lifetime mortgage, also allows you to continue to own 100 per cent of your home.

The amount of money that you can access is determined by the age of the youngest homeowner and the value of your property. You need to be at least 55 years old to consider equity release and your property must be worth at least £ 70,000.

Live the life you deserve

According to equity release broker Age Partnership, in 2023 almost a quarter of their customers used equity release to pay off their standard mortgage. This frees up committed expenditure that would have otherwise gone on monthly repayments. Once you have repaid any existing mortgage, which is a condition of equity release, the money is yours to enjoy spending. ding. Any money released, plus us accrued interest would be repaid upon death, or moving into long-term care.

Equity release may involve a home reversion plan or a lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care. Advice is required before proceeding. Initial advice is provided for free and without obligation. Only if you choose to proceed and your case completes would an advice fee of £1,995 be payable. Other lender and solicitor fees may apply. To request your FREE guide or to find out more, call freephone 0808 189 3954.