A home equity release plan may be for you if you are 55 years onwards. They are designed to release an amount of equity from your home when downsizing wouldn't release enough finances or you simply would rather not downsize at all.
When you are reaching retirement age a tax-free lump sum or increase in income would probably be most welcome and with an equity release plan this is exactly what you can expect to see. What you will receive will depend on the position you find yourself in financially and what is exactly best for you. The opportunities that this pay-out could allow include; the ability to pay for home improvements, the ability to pay off debts, the ability to help out family financially, the ability to indulge in holidays and travel throughout your retirement.
In 1991 the Safe Home Income Plan organisation (S.H.I.P) was established to offer protection and safeguards for anyone who takes out a home equity release. These safeguards will allow you, amongst other things; to stay within your home for as long as you choose, to have the freedom to move if you wish and to have the guaranteed cash or increased income.
For those interested in a home equity release plan the amount that you may be able to release from your home will depend on your exact situation. There are several useful on-line calculators available that will help give an idea of what you could expect to receive, however seeking professional assistance is always advisable to get the most accurate quotes and to have any other questions answered regarding your personal finances.
Remember that when taking out a home equity release plan the inheritance available within your home will decrease. Meaning you will have less to offer to family and friends than you did before. For this reason a home equity plan is not for everyone.
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