• How long does it take to pay an equity release loan?

    By Carrie Ann on

    An equity release loan is a source of financial independence and security. More and more over 55s are using the value of their home to access equity as a tax free lump sum, or regular drawdown amounts. The funds are used for a variety of purposes, such as consolidating debt and helping out the younger generation with university fees or first home mortgage deposits. There are two main types of equity release loan: a lifetime mortgage and a home reversion scheme. You only need to pay back an equity release loan when you pass away or enter long-term care. You…

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  • How equity release is used for gifting

    By Carrie Ann on

    Today’s retirees are creating new traditions, such as adopting a more active and independent lifestyle and providing a better quality of life for their family now, rather than leaving a traditional inheritance. These attitudes have changed significantly over the past 20 years, and witnessed first-hand by advisers recommending equity release schemes. Over the past 18 months, 49% of over 55s assisted their families financially. The most popular reason for gifting money was clearing debt (16%), followed by contributions to a home deposit (13%) and tertiary education fees (13%). Since 2016, property prices in the UK have increased on average by…

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