Taking Out a Mortgage?

Equity is the value of your home less any loans or mortgages secured on it. Equity Release is the term used to describe the process of turning some of this money tied up in your home into tax free cash, without having to move. It is generally available to homeowners over the age of 55, with a maximum age of 95.

In recent years, people have seen the value of their home increase significantly. However, because of diminishing state retirement benefits and longer life expectancy, people are finding that their cash reserves and retirement provisions are less than adequate to enable them to fully enjoy their retirement. The term commonly used is these circumstances is ‘Asset Rich – Cash Poor’.

Equity Release is becoming more and more popular with people looking to improve their standard of living in retirement by releasing the money tied up in their home.