Protect Your Family’s Inheritance with Equity Release
Equity release, or lifetime mortgages, are always an ideal solution to inject tax-free money into your financial situation should you need to. It becomes an attractive idea due to the absence of monthly repayments and the fact that the money can be repaid after your home is sold or after you pass away.
When you reach 65 years of age or more, you will likely start to think about how much money you can leave your family to ensure they are in a comfortable position. It’s only normal to want to take care of our children and their families, something that is possible through planning carefully for the future.
Considering each step to take is a great way to measure what will and what won’t work for you.
Plans That Protect Your Home’s Value
Equity release plans can be chosen to ensure that your home’s value is protected to guarantee an inheritance protection. You are able to determine how much value your property will be liable for repayment at a later date, however, the more value you protect the less equity can be released.
This is why it’s so important for you to get professional advice from financial advisers, as they ensure that you are aware of all options available to your specific situation. One thing is certain, however: you will be able to pass on a predetermined amount of money as an inheritance and know that your family will have it as a financial aid if needed.
Renovate and Improve Your Home
As one of the most popular uses of equity release, home renovations are ideal ways of adding value to your property. The general property value is expected to continue its growth throughout the years, ensuring that you have a greater estate to leave as inheritance for your family.
Although undertaking refurbishments may be seen as a major project to undertake, even simple maintenance done to an older property can add hundreds of thousands of value. Should your family decide to sell the house at a later date, it will provide a much higher profit.
Knowing exactly choice plan or how to approach your need for extra capital through equity release is important for both your retirement and your children’s future. Through impartial and professional advice, you are sure to make the best decision for you.