In a previous article, we discussed what equity release is. This short article highlights a few practical ways of using equity release to your advantage.
Getting ahead on an interest-only mortgage
If you’re approaching retirement but don’t have savings to cover the end of your interest-only mortgage, you may wish to use equity release to clear your debt. This means that you can release equity and avoid downsizing.
Protecting an inheritance for your loved ones
If you own your home but you’re not eligible for a loan then equity release may be a practical way to relocate to spend more time with your family during your retirement. With the right advice, an advisor could help you protect a large percentage of the value of your future home.
Helping family onto the property ladder
You may wish to help a family member onto the property ladder. Accessing money tied up in your home is a good way to help put down a strong deposit on a property. Some equity release plans even come with an inheritance protection feature.
Paying off your debts
It can be easy to accrue debts and as you approach retirement you may be concerned about your ability to get by on your pension alone. Equity release could be used to pay off debts ahead of your retirement. It’s always wise to speak to an adviser to find out what will work best for you.
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