As people are generally living longer and enjoying healthier retirements, they are looking at creative ways to maximise their funding during this period of their lives in which they have lots of free time.
Previously, one method of releasing equity towards the later stages of life was to sell your home and purchase a cheaper, often smaller, home with the proceeds of the sale which is commonly known as ‘downsizing’.
But many people who pursued this downsizing strategy did so without really wanting to leave their home; a home they might have lived in for many years, a home with all the associated emotional ties that familiarity and security brings.
So an equity release scheme is a specialist remortgage for homeowners who want to release equity from their home, but who perhaps wouldn’t meet eligibility criteria for standard remortgage packages.
Reach work closely with Age Partnership and any enquiries will be referred through to them.
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10 September 2014