Thousands of British homeowners are releasing equity from their homes and collecting the cash – could you be one of them?

Releasing equity from your home doesn’t mean you have to move – and it’s totally tax-free. Here’s how.

Equity release is fast becoming the over-55s financial activity of choice – and it’s really no wonder that over 46,000 Brits a year take advantage of it. As a fantastic option to achieve the lifestyle you’ve been waiting for, releasing equity from your home could give you the cash boost that makes all the difference.

What is equity release?

Equity release is the process of taking out a loan against the value of your home. There are two main types of equity release products (lifetime mortgages and home reversions) and, as both are considered “loans”, they’re completely tax-free.

Which equity release product is right for you?

Of the two main types of equity release, the most popular is the lifetime mortgage. A lifetime mortgage is money which is borrowed and secured against your property; it’ll be paid off from the eventual sale of your home, whenever that may take place. This is the most popular option and it’s easy to understand why, with its flexibility and ease.

How much tax-free cash could be available?

Select your age and find out how much cover you can get

What can you do with the money?

In short? Whatever you like.

25% of people surveyed said that they used their equity release cash to pay off other debts – a great place to start. But, there are no limits to what you can do; a further 22% said they’d spent the money on home and garden improvements, while just over 10% said they would put it towards their loved ones’ futures.

The beauty of equity release is in its flexibility. Any funds you secure are yours to do with as you wish – whether it’s spent on planning ahead, booking your dream holiday, or any/all of the above.

Who is eligible for equity release?

If you’re aged 55 or over, it’s likely that there will be an equity release product for you. With so much misinformation around the subject, it’s important to know the facts:

• You’re able to take out equity release and stay in your home, without selling or needing to move
• You’re eligible even if you still have a mortgage on the property
• Interest rates are usually low, and can be fixed

To find out how much cash could be tied up in your home and how to claim it, fill in this form.