How to Release Equity in Your Home and Enjoy Life
If you are in the autumn of your years, then the chances are then you will want to make the most of your life. One of the ways in which you can do this is by freeing up some of the equity that is locked in your home, in order to gain money, which you can spend in any way you like.
For some, this may be a case of taking more holidays, for others, home improvements such as a new kitchen or conservatory will be on the agenda. Many will simply want to see the happiness and enjoyment their legacy bring to their family before their passing. Whatever the reason, equity release is a great way to
Types of equity release
There are 2 different types of equity release. A lifetime mortgage involves taking out a secured loan on your home and home reversion involves selling part of the property to a finance company.
Which type is right for me?
Which type of equity release you choose will generally depend on your circumstances.
Those with children or close family should go for the lifetime mortgage, as this allows them to retain their most valuable asset, which they can then leave to loved ones when they pass. Those without family should a home reversion plan, as this gives them access to the value of their property, without being tied to monthly repayments
Downsizing vs. equity release
Another option which many older people choose, in order to free up cash, is to move out of their home and into a smaller property. For many people, however, the thought of leaving the home that they have so many fond memories in may be difficult to face. This is not to mention the hassle and cost involved in moving. The good thing about equity release, as opposed to downsizing your home, is that you don't have to move, meaning that you can stay in the comfort of your home, as long as you like.
Tax free!
Possibly the most attractive part of equity release is that it offers you tax-free money, which you can enjoy in any way that you see fit. Even if you decide to leave your estate to loved ones, they may be hit with heavy inheritance tax, so you may as well enjoy the benefit of all of your hard work! Use this Equity Release Calculator to learn more.
About the Author:
Learn more about Equity Release at KeyRS<br /><a rel="nofollow" href="http://www.keyrs.co.uk">Equity Release</a><br /><a rel="nofollow" href="http://www.keyrs.co.uk">Equity Release Calculator</a><br />
