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.