Most of us have probably heard the term ‘Equity Release’ before but not really understood exactly what it is.
For homeowners aged 55 or over it may be worth taking the time to understand the truth about Equity Release as it could help you access tax free cash ‘or equity’ that is tied up in your home.
Do you have a wish list (or bucket list!)? Equity Release could be the answer to helping you achieve your dreams or it could just be a way of making your retirement a little more comfortable.
So how does it work? At its most simple it provides a way to access some of the money tied up in the value of your home whilst continuing to live in it (until you die or move out permanently).
So, if you find yourself with equity in your home but limited cash to enjoy your retirement, it’s a potential solution. The extra money it gives could be used to live more comfortably, make home improvements, help children or grandchildren with a mortgage or university fees, it’s up to you – the money is yours to spend as you wish.
Equity release has come a long way since the 80’s, 90’s and early 2000s. The products that were around then were much less customer focused and poorly designed, some people even ended up owing more than their property was worth! Today’s products are a far cry from those and it is now regulated so that consumers are protected.
SunLife have created the perfect tool to help you see how much money you could release. It’s really easy to use and provides lots of useful information on Equity Release so you can see if it’s right for you. So what are you waiting for, this could be just what you’re looking for to give you some more money in retirement.
Follow this link to access the tool and some ideas of what you could use the money for! Of course you may already have your own ideas!