What is Equity Release?
Put simply, equity release is a way of accessing some of the cash you have tied up in your home tax-free.
Equity refers to the market value of your home, less any outstanding mortgage and debts secured against it.
Equity release refers to a way of accessing some of the funds you have tied up in your home for those over the age of 55.
Example: If you bought your house in 1990 for the average house price of £58250* That same house could now be worth £233027* if you have no outstanding mortgage or loans secured against your home, you would now have £233027 equity in your home.
(* UK Land Registry House Price Index)
Using those same figures, if you had a mortgage outstanding of £20000, you would have £213027 equity in your home.
If you are a home-owner aged over 55, you may be able to release some of the cash you have tied up in your home to give you the financial freedom you are looking for. Whether you need a one-off lump sum or a regular income supplement to top-up your pension or savings, equity release may be the solution. For later life lending, it’s Equity Release by ME. Get in touch with one of our advisers today to find out more.Find Out More