Adapting your home so that you can stay in it for life

23rd November 2015

Many people are living in homes that will not be safe or practical for them in later life, but Equity Release can fund the necessary enhancements, says Kevin Woods.

Equity Release isn’t just about going on the holiday of a lifetime or easing the pressure on limited retirement income, it also has a more practical side – an aspect that statistics from the Equity Release Council have recently brought into focus.

That research says that around 2.8 million people are living in homes that won’t be safe or practical for them in later life. According to the Equity Release Council, 70% of people want to stay in their own home during retirement, but only one-third think they can do so safely.

Lack of money is the reason most often cited for putting off making these home improvements, and this is where Equity Release can provide a practical solution.

Equity Release schemes work by enabling home owners to tap into the wealth they have accumulated in their property without having to move. Depending on age and circumstances, you can typically release a cash lump sum of up to 50% the value of your home.

Releasing equity from the property in this way could, for instance, enable home owners to:

  • Install outdoor lighting
  • Create a downstairs bathroom
  • Install extra bannister rails or stair lifts
  • Adapt baths and showers
  • Implement telecare services
  • Make the garden lower maintenance

These improvements would help to make the home a safer and more practical environment for homeowners as they get older.

Opting for equity release is not a decision which should be taken lightly so it is always recommended to talk to a specialist Equity Release adviser, who will explain the whole process to you, explore all your options and give you all the individual information you need in order to make the best decision for your own circumstances.

If you have any questions about the subject matter of this blog, or would like more information on any equity release related point, please do not hesitate to contact me in any of ways highlighted on this website.

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Equity release is the answer to so many financial questions. If you would like to know more about it, and see if it could be the right move for you, please book an appointment or request a call-back