subject: Cash in on your Property's Value with Home Equity Release [print this page] Cash in on your Property's Value with Home Equity Release
Are you approaching retirement age? Worried your pension won't give you enough to live on and that your savings, if you have any, aren't going to stretch?
If so, you are not alone because every year thousands of people retire with these concerns on their minds. These days, pensions don't go very far and with interest rates so low, savings don't either. So what's the answer?
Home Equity Release
A home reversion plan or lifetime mortgage involves releasing cash from your property: cash that's been effectively saved' up over the years as you've worked hard to pay your mortgage.
Depending on your property value and your age, which needs to be a minimum of 55, you could well be eligible to release several thousands of pounds, and that's in tax free cash. You could use it to top up your pension so you're more comfortably off each month or you can take the lump sum and splash out on doing up your home, perhaps leaving a bit aside as a rainy day fund. Some people use the money to pay off their remaining mortgage so they have more money to spend every month.
So, if your pension isn't going to be enough to live on when you stop working, and your savings would quickly dwindle if you were to rely on them too heavily, seek specialist advice onhome equity release. Think about it, it's basically like a savings plan that you've been paying into over the years, and now it's time to cash in!
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.
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