Get more from your retirement with equity release

How are homeowners just like you using the tax-free money they unlock?

Retirement can make you re-evaluate what’s important to you. Whether that’s staying in the home you love, making home improvements, enjoying a dream holiday or financially helping out family. Research from Age Partnership shows the reasons why people have chosen to release the tax-free cash from their homes in the first half of this year. Home improvements Carrying out the home improvements that they will now have the time to enjoy the benefit of, as well as making any home adaptions needed in order to continue living in their much-loved homes, was the single most popular reason for unlocking equity. Mortgage repayments Repaying any standard mortgage is a big objective for many and a condition of equity release. Many people choose to benefit from reducing their committed monthly expenditure, as with many equity release plans there’s no requirement to make regular monthly repayments. Helping family and friends Twelve per cent of people chose to gift money to support with things such as helping family members onto the property ladder, paying for weddings or funding grandchildren through university. Whatever your goals, equity release can provide a range of options to suit you. Plus, with a lifetime mortgage, the most popular type of equity release plan, you continue to own 100 per cent of your home so you can continue to benefit from the equity that builds up in it. There are also plans that allow you to safeguard a percentage of your property value so that you can pass it on to your loved ones. Plus, all plans approved by the Equity Release Council come with a no negative equity guarantee, meaning your estate will never owe more than your property is worth when it is sold. If you’re a homeowner aged 55 or over and your home is worth at least £70,000, you may be able to unlock from a minimum of £10,000 up to 49 per cent of the value of your home. Get advice When it comes to considering equity release, you are required to take advice. Mail Finance can provide access to a whole-of-market equity release service which will help you find out if it could be right for you. Your advisor will discuss alternatives to equity release first to make sure it is the best option for your individual circumstances, and check that your entitlement to means-tested benefits won’t be affected now or in the future. Equity release may involve a home reversion plan or lifetime mortgage, which is secured against your property and will reduce the value of your estate and impact funding long-term care. A no-obligation personalised illustration will help you understand how much you could unlock, and the features and risks. Initial advice is provided for free and without obligation. Only if 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 239 8920.