We find that people use equity release to fund a number of things in retirement including home improvements, new cars and holidays.
Common reasons for taking out equity release include the desire to maintain a certain lifestyle into retirement and to finance one-off events. Additionally, some people simply do not want to move out of their home and away from family and friends but need additional finance to be able to stay there.
Often the money they release from their home will fund several types of expenditure as the following chart shows:
Think carefully before securing other debts against your home.
It is entirely up to you how you use the money released from your home but we strongly recommend that you speak to a qualified adviser to talk you through your requirements and to give you the right advice on your circumstances. If you do not have an adviser you can find one at Unbiased.co.uk.
Useful links Lifetime mortgages
Home reversion plans
Alternatives to equity release