equity release
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© St Joseph’s Asset Management Advice Service, 2021
Asset Management Advice Service
What Is Equity Release? Put simply, equity release allows clients to generate cash from the value of their home in the form of a tax-free lump sum, or by drawing smaller instalments as and when they need them, without the hassle and stress that moving can involve. After years of working hard to make monthly mortgage repayments, a client’s home is likely to be their biggest asset, particularly if they have benefited from increasing house prices over the last few decades. But what good is it to have all that money tied up in their bricks and mortar, if they could use it now to enjoy life to the full? Equity release at a glance Receive a tax-free cash lump sum Typically no monthly repayments Clients can spend the money however they like They can stay in their home for as long as they choose – for the remainder of their life The amount of inheritance they leave is reduced Their entitlement to some means-tested benefits may be affected Anyone considering releasing a tax-free cash lump sum probably has an idea in mind of how they intend to spend it. Tens of thousands of people have already used the value of their home to boost their finances, and for many different reasons. Some of the most popular reasons for releasing cash include Home and garden improvements Clearing credit cards and loans Taking more holidays Giving money to the family Paying off the mortgage Leaving the family home and neighbourhood can be an emotional upheaval. Equity release gives clients options, however, enabling them to release the cash locked up in their home without the stress of having to downsize or sell the home they love. It can be a viable solution to providing a more comfortable retirement. With people living a lot longer these days and with pensions not being what they used to be, savings have to stretch a lot further to last through retirement. Clients might wish to release cash to top-up their income, so they can really enjoy their retirement.
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