It's back, I am finally back to doing my weekly chats with you lovely lot after taking a little bit of a break. As some of my more regular readers will know, Wednesday is my lets talk day. Where I will talk about issues which I find important to talk about, not always the most interesting of posts but I like to be informative and share some information with you lot. Today we are talking Equity release, Saga has asked me to write this post to share with my readers all about equity release and why it is important. First things first if you are unsure about what exactly Equity Release is you can read up on it here. The reason I am talking about it here on my blog is because I am trying to get my own finances in order and have been reading up different ways in how to do this. I have wrote posts about it on my blog previous including; budgeting as a student and also why you need to manage your money. So lets crack on to the post and I hope you find this somewhat useful.

So equity release in short is a way of unlocking some of the value in your house by receiving a lump sum of money which is tax free. You can use the money to live off or even just to buy something you need like a car or even to pay off other debts! There is a lot to it and I don't want to go on with lots of details but for those who own their own home it is totally worth looking into if you need money elsewhere. Some of the benefits are:

  • You continue to live in your home exactly the same as before.
  • You can release the cash when and as you need it. 
There are so many things people take the release for and it is a super interesting topic so I polled my Twitter followers to ask what they would do with the money and the results actually surprised me. 42% of the people who took the poll said they would use the money to clear debt, I would totally spend it on doing up my house personally. Although it does make sense to clear off other debts with the money and maybe I would do that. I was shocked that only 8% of the people would use the money for a car, I assumed that would be one of the top ones. 

I hope you found this post some what useful, if you enjoyed it let me know in the comments. 

*Collaborative Post