Date published: 8th Jan 2023
In difficult financial conditions, many people are looking to make savings. For those fortunate enough to own their own home, that could mean releasing equity from your home.
In the first half of 2022, 19.6% of equity release plans were taken out to cover everyday living costs, recent research* showed. As cost-of-living pressures mount, more of the 11 million older homeowners may access some of the £811bn currently stored in home value.
Releasing equity from your home is not a decision to be taken lightly, however; before you do, speak to a financial advisor to make sure you understand your options.
A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate.
*Canada Life