Because the money raised using equity release belongs to you in the first place - You're simply releasing it - the cash that you receive is tax-free and can be spent on whatever you like. However, if you have a mortgage secured against the property, some of the money you release must be used to pay this off.
Furthermore, with the most popular form of equity release, the lifetime mortgage, there are no regular monthly repayments to make and you continue to own 100% of your home throughout.
Here are some popular examples of how equity release could help you:
* Improve your home
* Clearing your Interest Only mortgage
* Making a one-off purchase, such as a car, caravan or holiday
* Helping family members
Find out if your qualify - If your a homeowner aged 55 or over, you could be eligible to take advantage of releasing equity from your property.
Call us today on 07827 536 808 to find out how much equity you could release.
* An equity release product will reduce the value of your estate, will not be suitable for everyone and may affect your entitlement to state benefits. To understand the features and risks please ask for a personalised illustration.
* Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.