Over 55 equity release to finance home and garden improvements
Home and garden improvements are the most popular reasons for over 55 equity release schemes*.
It’s not surprising: for most of us our home is our most significant asset, and it’s also where we spend most of our time. We want our home to be warm and inviting – and we want to ensure our family’s wealth by making sure we optimise its value.
Over 55 equity Release through home reversion and lifetime mortgages can be used to finance:
- A new kitchen or bathroom
- New windows and doors
- A loft or garage conversion
- An extension
- Garden landscaping
- Essential home renovations and maintenance
And much more!
*Source: UK Equity Release MARKET Monitor, Q1 2017
Case study: Home renovation
Margaret from Worthing was recommended to 55+ Equity Release by a family friend. She wanted to release £25,000 from her home to replace her old, tired kitchen and put in new windows and doors. She also wanted a drawdown facility available just in case she went over budget (which happened in this instance). We managed to arrange the equity release mortgage for Margaret quickly, enabling her to complete the full renovations in a couple of months. Margaret reported back to us that she was very happy, not only with her new kitchen, but also that she had added value to her home.
We did it!
We used equity release to finance renovations to our home
‘We wanted an equity release mortgage to buy a new car and carry out some home improvements. We had already taken one out years before with 55+ Equity Release so we had no hesitation in using them a second time. They’re good at their job, honest and explain everything – and they got us a good rate! – so we knew we would be in safe hands.
We discussed the equity release mortgage with our children and had their approval. I’m 70 now and you never know what’s around the corner, so our view is that it’s nice to enjoy things while we can, and the equity release mortgage enables us to do that. We’re sitting on £600,000 of property that is all paid for, so it makes sense to release some of that value to make life easier and more enjoyable.
The whole process was really simple. 55+Equity Release guided us through the process, explained it very well and made it very easy. They kept us updated all the time and kept other people on track to keep the process moving. I would definitely recommend them.’Brian and Linda Alger, successful over 55 equity release applicants, Ightham, Kent