What can Equity Release be used for?

Leaf Financial Advisers Ltd. - Trusted Equity Release Advisors

Is equity release a good idea? That can depend on what you intend to use it for. One of the first questions that is often asked about equity release is “What can I use Equity Release for?”.

Luckily, not only is the money received from Equity Release mortgage tax-free, but there are also very few limitations on what you can use the funds you receive for.

Below we cover some of the most popular uses for equity release, but there are many others. If you’d like to know more details, then please get in touch with a local Equity Release adviser who should be happy to help answer any queries you may have.

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Equity Release for Paying Off Your Mortgage

Equity Release can come in useful for those who face a shortfall when their interest-only mortgage comes to an end. Unfortunately for some, payments over the years may not have added up, or the investments have not returned the value that was necessary, and they get a letter from the bank asking for a large sum they cannot afford on their current income.

Alternatively, if you only have a small portion of your payment mortgage left to run, Equity Release can be a way to replace the current monthly payments with deferred payment of a larger lump sum. This then frees up your day-to-day finances for other things.

By using a Lifetime Mortgage loan secured against your house, you’ll get relief from ongoing debts and have peace of mind from knowing that you can stay in your own home for as long as you need to.