While equity release is a financial solution used by thousands of homeowners aged 55 and over to help them live a better future, it can still seem like a bit of a mystery.
There are lots of different plans and products available so it may feel daunting to start exploring it as an option, however it doesn’t have to be. Here we help you discover 4 little-known truths about equity release.Truth number 1: You can leave an inheritance to your loved ones
With equity release, any money released plus accrued interest doesn’t need to be repaid until you pass away or move into long-term care, and at that point the sale of your property is likely to beThere is always a possibility that you could end up owing more than your home is worth if house prices fall, and you could be concerned it will be your loved ones’ responsibility to pay this difference.
But that doesn’t mean you have to be retired and it could be a solution for anyone aged 55 and over regardless of if you’re still in full time work or not.You could use the money to enjoy luxury holidays, a new car or gifting to loved ones. According to equity release broker Age Partnership the most popular reason for releasing equity in 2023As long as any existing mortgage is first repaid, which is a condition of equity release, the money is yours to enjoy.
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