Equity Release provides a tax free sum for a wide range of purposes including:
- Home improvements
- Repaying credit card or other debts
- Supporting a family business
- Helping your children buy a home
- In-home nursing care
- Private surgical operation
- Once in a lifetime holiday
- Paying off an endowment mortgage
- Moving to a new home
- Topping up your income from your pension
- Purchasing a rental property
- School or university fees
- Reducing inheritance tax
BUT FIRST, CHECK THE ALTERNATIVES.
Before you take out an Equity Release scheme, it’s important to make sure that this is the right scheme for you. For instance:-
- Are you entitled to any state benefits that are not being claimed, such as Pension Credit, Council Tax Benefit or Attendance Allowance?
- Are you eligible for a home renovation grant from the council?
- Have you considered selling your home outright and either buying a smaller property or sheltered accommodation?
If you are in debt, you should get advice on how to manage the problem before even considering Equity Release. Contact your local Citizens Advice Bureau.