Unlock the tax-free cash from your home
How would you use the money you could release from your home to get more from your retirement?
The word ‘retirement’ can conjure up a variety of emotions for different people. For some it brings the opportunity of more free time to do the things that they enjoy most, however, for others it comes with the worry of making ends meet.
As your funds will more than likely be reduced in retirement, it can make you re-evaluate what’s important to you and think differently about how you choose to spend your hardearned cash. Whether it’s staying in the home you love, relocating to your dream property, making home improvements, going on dream holidays or giving gifts to your loved ones, retirement can often be a time for reflecting on what’s important to you.
How are other people just like you using equity release to get more from their retirement?
Research from Age Partnership shows the different reasons why people have released tax-free cash from their homes: - Mortgage repayments – Repaying the burden of outstanding mortgages comes out as the single biggest objective – it’s worth noting that a condition of equity release is that you must pay off any standard mortgage.
- Home improvements
– Carrying out the home improvements that they will now have the time to enjoy the benefit of.
- Helping out family and friends
– 10% of people choose to help family members onto the property ladder, pay for weddings or fund grandchildren through university. Whatever your reason for freeing up extra funds, equity release provides a range of options to suit you including a lifetime mortgage, the most popular type of equity release for over 55s, meaning you continue to own your home while enjoying the equity built up in it.
Plus, no requirement for monthly repayments
The benefits of a lifetime mortgage mean that you don’t have to make any monthly repayments, as the equity released, plus the interest accrued, is repaid when you die, or move into long-term care. Thanks to equity release, it’s now possible to receive a tax-free lump sum of cash to enjoy in retirement years, so it’s little wonder that UK homeowners released a record-breaking £3billion in property equity during 2017. When it comes to releasing cash safely from your home, it is important that you seek independent advice. You should be aware of the effect equity release can have on the amount of inheritance you can leave and if your entitlement to means tested benefits could be affected now or in the future. Mail Finance can provide access to a whole-ofmarket equity release service which enables you to find out just how much cash you could release from your home Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. To understand the features and risks, ask for a personalised illustration. Mail Finance Services Limited is an appointed representative of Age Partnership Ltd. Initial advice is provided for free and without obligation. Only if you choose to proceed and your case completes would a fee of 1.95% of the amount released be payable (minimum advice fee of £1,495).