Equity release – A reliable way to fund your dream lifestyle

Reader's Digest Editors

Whether you’ve always dreamt of a motorcycle trip down Route 66 or a cruise in the Caribbean, equity release can bring fantasy closer to reality

Can't wait to find out how much you could release? Use our handy calculator now.

Many of us want to spend our later years living out our dreams, whether that means travelling the world, collecting vintage automobiles, or turning your house into your dream home. After decades raising families and building careers, people often find that when they retire they finally have the time to realise their lifelong aspirations.

The luxury Caribbean cruise or the golf retreat in the Highlands is always low on the list of priorities when there are mortgages to pay off and children to look after. But, with more time and freedom, could now be the time to finally realise these ambitions?

Finding the funds to set yourself free

Of course, being able to fund a dream lifestyle can be tricky. However, if you’re a UK homeowner aged 55 or over, there is a safe and regulated way to access some of the equity you have built up in your home. Equity release with a Lifetime Mortgage can be a viable option to unlock the value of your home, at a time in life when you may really want it. The equity you release is tax-free, and there are no required monthly payments.

If you’re over the age of 55 and own your own home, now may be a beneficial time to explore your options with a Lifetime Mortgage. Over the past decade house prices in much of the UK have soared, perhaps outstripping your other assets. According to Halifax, the average house in the UK is now worth a little over £220,000, and the price is still trending upward.[1]

Asset-rich, cash-poor

Releasing equity from a property with a lifetime mortgage is an option for owners who are often asset-rich, but cash-poor. Lifetime Mortgages are available to UK homeowners, aged 55 or over, and they are a way of releasing cash against the value of your home without having to downsize or move.

A Lifetime Mortgage could be suitable for you “if you need to release cash as a lump sum or to top up your income,” advises Andrew Johnson, Money Expert for the Money Advice Service.

A lifetime mortgage could decrease the value of your estate, and may affect your entitlement to means-tested state benefits. We can provide you with a personalised illustration to ensure you understand the features and risks.

You can’t take it with you, goes the saying. By using a Lifetime Mortgage to finance your dream lifestyle, you can make sure your home – an asset that you worked so hard for – now works for you.

Whether you're curious as to how much you can release, or you want to take the initial steps towards releasing equity, this handy calculator will give you the information you require. Or you can contact us on 0800 029 1233 to discuss your needs with a view to arranging a no obligation face-to-face home visit with one of our financial advisers.

[1] Source: Halifax ‘HPI December’ 01.01.18

Reader's Digest Equity Release is a trading style of Responsible Life Limited. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fsa.gov.uk/register/home.do) under reference 610205. In using this website I give express consent to Responsible Life Limited to contact me on the details provided from time to time. Calls may be recorded for training and quality purposes. This is a Lifetime mortgage which may reduce the value of your estate and may affect your entitlement to state benefits. To understand the features and risks ask for a personalised illustration. Any information contained herein is a personal opinion of the author and should not be considered to be advice of any kind. Inheritance Tax planning is not regulated by the FCA. Think carefully before securing other debts against your home. By consolidating your debts into a mortgage you may be required to pay more over the entire term than you would with your existing debt. Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,295. Our adviser will talk through the setting up costs of a lifetime mortgage before you make any decision to proceed.