Equity release isn’t ideal for everyone and there are several factors and specifications you should consider before releasing equity. Despite this, it can still be a very good option for the majority of homeowners. There are many benefits and reasons that you should release equity from your home.
Essex Equity Release can provide advice to all homeowners regarding equity release. We make sure you always have the information you need to choose the right plan.
Cut Costs & Remove Debts
One of the most popular reasons for releasing equity is to prevent future costs and pay off any outstanding debts that you still have. In later life, you will often want to get most payments out of the way so you can enjoy your remaining life, without worrying about outgoing payments.
This allows you to keep any income you still have rather than immediately losing it due to repayments and debt. Helping you cut costs in the short and long-term, you should still have money leftover from equity release after that to ease any financial burdens.
Holidays, Travelling & Spending
In a recent survey by Over 50 Choices, holiday and travel were listed as the reason for releasing equity by 4% of people. Despite this being a small number, it is still a great option. If you have a strong financial position but do not have lots of disposable income, releasing equity can make your later years much more enjoyable.
Whether you are looking to purchase a vehicle, take a trip to the Caribbean or buy a holiday home, you are not limited by your spending when releasing equity. You can use the money to fund anything you require!
You should always be able to live your life the way you want. With the help of equity release plans, this is something you can easily achieve.
Gifting Family Members
Equity release doesn’t have to be used for your own benefits. If family members or close friends are struggling with financial issues, gifting family members could be one of the best options for you after releasing equity.
As you have complete freedom over what you do with your money, supporting family members can always be a good choice. Whether this is to help them with debts, mortgages or loans or it is a different financial issue, releasing equity can always ease your worries.
Receive A Plan Suitable For You
Another reason you should release equity is that, with many plans available, you can always find an option suited to your needs. Our team will advise you regarding all plans and make sure you receive the lump sum you require at a fair interest rate, so you never have to worry about repayments until you have passed away or moved into long term care.
Additionally, with most equity plans, you have the option to ring-fence a certain amount of money, allowing you to leave an inheritance. With so many plans available, you can always find a criteria that matches your specifications.
Staying In Your Home & Making Repayments
The biggest benefit of releasing equity is the fact you can stay in your home until both you and your partner have moved into long term care or passed away, without making repayments. This makes equity release unique among different types of loans, as you will never have to make monthly repayments.
With a no negative equity guarantee also included in all plans, this ensures when you have to sell the property, your repayment will never be larger than the amount the property was sold for.
If you would like to release equity or want more information regarding the plans that we have available, get in touch with Essex Equity Release today. We can make a quick booking to discuss your requirements and find the perfect plan for your needs. Call us today on 01268 799211 or fill in our contact form to make an enquiry.