Why Should You Consider Equity Release?

By 2nd July 2019Blogs

Equity release isn’t the best option for all homeowners, however, it can be a great choice for many. There are several situations where equity is a good option and our advisors can always talk you through your circumstances and if it is a good time to release equity.

Essex Equity Release work with a number of providers to ensure you receive a range of plans when choosing to release equity. We offer advice and support regarding all our plans.

Paying Off Loans & Debts

Equity release is only available to homeowners over the age of 55. With this being said, equity release can be a fantastic option if you still have loans and debts to pay off at this age. Depending on how much equity you release and how large your debts are, equity can often help to pay off all remaining debts, keeping you stress-free until after retirement.

Additionally, if you are struggling to keep up with current repayments and you are having trouble financially, equity can offer the perfect solution to keep your boat afloat with lots of payments. With many plans available, there will often be an option that gives you all the finances you require.

You’re Happy With Your Home

If you don’t intend to move out of your home until you are in long term care or you have passed away, then equity release will always be ideal. Our equity release plans only come to an end once both you and your partner have passed away or moved into long term care.

Whilst some equity plans do give you the opportunity to move home, if you are intending to stay in your current property, receiving a bit of money whilst still living there is always going to be a great choice. This gives you the extra finances you need for a holiday or to help family, whilst always allowing you to stay in your home without regular payments.

Making Home Improvements

Again, if you are looking to stay in your home, equity release can also help you improve the value of your home so when it comes to selling the property, you can receive even more money. With many equity plans, the criteria will allow you to sell your property in the future, although you may have to make an early repayment.

When receiving your money from releasing equity, you have full control of where you would like to spend the money. By receiving the money and investing it back into your home, this can help you make more money In the future, whilst ensuring your property is perfect for you and any family members.

Financial Support For Family

If you have children or grandchildren who require financial support, as a homeowner, you can help all family members out by releasing equity. Whether they want to buy their own home and need money for a deposit or they are looking to go to university and further education, equity can be used to help your family with all their endeavours.

Equity could also be used for other activities such as a family holiday or to give yourself complete relaxation in later life. Releasing equity is a great option for all homeowners and can always be used to reduce the stress and any financial pressure you may be going through.

Contact Us

If you would like more advice regarding equity release and whether it is the right option for you, contact Essex Equity Release. We can provide a fast response to all our clients and talk you through a number of plans that are available. Call us today on 01268 799211 or fill in our contact form to make an enquiry.