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 could fund the necessary enhancements, says Kevin Woods.
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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.
Lack of money is a reason for putting off making these home improvements, and this is where Equity Release could provide a practical solution.
Equity Release schemes work by enabling home owners to tap into some of the wealth they have accumulated in their property without having to move. Depending on age, property value, and health and lifestyle, you could release a cash lump sum of up to 59% of 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 banister rails or stair lifts
- Adapt baths and showers
- Implement telecare services
- Make the garden lower maintenance
These improvements could 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 necessary 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 contact Kevin Woods on 01489 454545 or contact kevin@laterlivingnow.com
* Loan to value correct as of 11/06/2021.
Why not get in touch and see how we can help?
Equity release could be the answer to some of your financial questions. If you would like to know more about it, and see if it could be the right option for you, please book an appointment or request a call-back
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Equity release will reduce the value of your estate and may also affect your entitlement to means-tested benefits. You should always think carefully before securing a loan against your home.
Unless you decide to go ahead with a plan, our service is completely free of charge, as our fixed advice fee of £1,695 is only payable on completion of a plan.
A lifetime mortgage is the most popular form of equity release, and is a loan secured against your home that’s typically repaid when you pass away or go into long-term care.
