It Makes Sense to Consider Equity Release
For many homeowners approaching retirement, planning for the future is taking on greater importance in the difficult economic climate and, according to one industry expert, equity release should be one of the options discussed.
Andrea Rozario, Director General of Safe Home Income Plans (SHIP), believes it makes sense to consider equity release as more often than not this will be a homeowner’s greatest asset.
“It makes total sense to take into account your largest asset”
As homeowners come to terms with lower pensions, considering alternatives to supplement income is vital, especially for those hoping to maintain a good standard of lifestyle. Equity release schemes have the potential to unlock a tax-free lump sum from the value of your home for you to spend on whatever you wish.
According to Ms. Rozario this is an asset that should be considered. She said: “If you are planning your retirement and you need to consider what assets you’ve got, then it makes total sense to take into account your largest asset [housing equity].”
Earlier this month Ms. Rozario stated that homeowners had a combined wealth of £907billion in housing equity.
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