If you are over 55 and own your own home, you can unlock the value which has built up on your property in a tax-free sum.
It allows you to gain cash in a lump sum, whilst still being able to remain the owner of your property.
Here are the top three ways you can use Equity Release to improve your quality of life:
- Home improvements
Home improvement is one of the most popular reasons people release equity from their property. Whether it’s updating your kitchen or bathroom or building the conservatory you have always wanted Equity Release can be used to fund your home improvements. As people get older and edge towards retirement Equity Release provides a means to getting more enjoyment out of your property.
- Cost of living
As the cost-of-living rises, Equity Release can provide access to tax-free cash allowing you to live a more financially comfortable life and/or maintain your lifestyle.
Equity Release also offers an opportunity to repay debts you may currently have; freeing up more cash to use in day-to-day life. As the Equity Release sum and interest is only paid after the borrower passes away or moves out of the property, it allows you to make the money you have go longer, without having to change your lifestyle.
- Holiday of a lifetime
Looking to complete a travel bucket list or plan the holiday of a lifetime?
For many, retirement is a time to relax, enjoy life and explore the world. Accessing cash through releasing equity gives you a chance to fund your post-career dreams without worrying about repayments until after your property is sold, when the borrower passes away or goes into residential care.
How Boyd Legal can help?
Equity Release might be a useful way for you to access funds you have invested in your property but it is important to get legal advice to make sure it’s the right move for you. Our Equity Release solicitors are experts and are on hand to offer you guidance to ensure you understand the legal implications and are able to make a well-informed decision about whether releasing equity from your home is right for you.
We are here to help you through the entire process, working with you and your financial adviser.