What can I use equity release for?

Over 55 equity release schemes provide a tax-free sum. What you use it for is up to you, but common reasons for releasing equity through lifetime mortgages and home reversion plans include:

  • Home and garden improvements
  • Repaying credit card or other debts
  • Supporting a family business
  • Helping your children or grandchildren buy a home
  • In-home nursing or domiciliary 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
  • Purchasing an overseas property
  • School or university fees
  • Reducing inheritance tax

But first, check the alternatives 

Before you take out an over 55 equity release scheme, it’s important to make sure that this is the right plan 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, or use their online advice service.

55Plus Equity Release are great at putting information across to us, they weren’t pushy and explained everything in layman’s terms.’

JC, successful over 55 equity release scheme applicant, Chatham, Medway, Kent

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