Articles about Retirement

An equity release broker is a person or company that helps arrange equity release plans between customers and a lender. An equity release broker offers information and acts on behalf of the homeowner wanting to […]

Packing a suitcase full of belongings and travelling the world, taking up new opportunities and experiences might be something you perhaps associate with those in their late teens or early twenties. But who’s to say that stepping away from the normality of everyday life and taking a bold new adventure is only for those in their younger years? Let's look at being retired and wanting to travel the world.

The most popular type of equity release plan is a lifetime mortgage. A loan is secured against your home and in return, you can release a tax-free cash lump sum. The amount of tax-free cash you can release is based on your age and the value of your home. Interest is added throughout the lifetime of the loan on a compound basis as typically you will not be required to pay regular monthly repayments. However, you can pay the interest if you want to, the choice is yours. The amount of equity released plus the interest accrued will be repaid when you die or move into long-term care.

A Lifetime Mortgage Drawdown plan is a popular method for homeowners to release equity from their property. This type of mortgage allows homeowners to release equity in amounts over time, starting with an initial release and followed by further releases as and when the homeowner needs additional tax-free cash.

A lifetime mortgage is a type of equity release where a loan is secured against your home based on its value. You own the home and pay the loan back when the property is sold after your death or when you move into long-term care.  A lifetime mortgage is a type of equity release where a loan is secured against your home based on its value. You own the home and pay the loan back when the property is sold after your death or when you move into long-term care. Many homeowners take equity release because they might not have enough savings and need extra money to help with the cost of living. Other homeowners want to enhance their quality of life or help a loved one. Should you decide to proceed with a Lifetime Mortgage, you have a choice about whether to receive your tax-free funds in a lump sum or in stages via drawdown. This article is for information purposes only. Always seek independent financial advice regarding your personal circumstances. Many homeowners take equity release because they might not have enough savings and need extra money to help with the cost of living. Other homeowners want to enhance their quality of life or help a loved one. Should you decide to proceed with a Lifetime Mortgage, you have a choice about whether to receive your tax-free funds in a lump sum or in stages via drawdown.