Equity release enables homeowners aged 55+ to unlock the tax-free money tied up in their home, but remain living in it, to free up extra funds to spend on what they want or need.

The amount of equity released is the difference between the property’s value and outstanding loans secured against the property, such as a mortgage.

For example:

  • Your house is worth £150,000. You have retired and paid off all your debts, including the mortgage. Your equity is £150,000.
  • You bought your house for £100,000 with the help of a mortgage of £80,000. The value of the house is now £200,000 and the outstanding mortgage is £10,000. Your equity is £190,000.

By guiding homeowners through this process, AskERIC’s equity release advisers make it easy to enjoy retirement, setting you free from uncertainty to secure your future and live out your aspirations.

There are two different methods of equity release – home reversion and lifetime mortgage plans. Here at AskERIC, we focus mainly on lifetime mortgages.

More people than ever are now considering equity release because of factors including: cut-backs in state pensions, inadequate private and company pensions, longer life expectancy and improved equity release regulations.

But many simply wish to improve their quality of life. It’s entirely up to you what you spend the money on and how you receive it. You might want a one-off lump-sum, or you might choose regular instalments.

To find out how much equity you could release from your home try our Equity Release Calculator.

Some popular uses for the funds are:

  • Home improvements, such as a new conservatory, new roof, central heating, double glazing or garden improvements
  • Clearing debts including mortgages, credit cards or loans
  • Holidays, cruises and short breaks
  • A new car, caravan or holiday home
  • Family treats such as grandchildren’s school fees or gifts
  • Improving quality of life during retirement, or enabling early retirement
  • Private medical care or mobility items such as scooters or stair lifts
  • Help children onto the property ladder reduce their mortgage
  • Reduce liability to inheritance tax

Why use Ask ERIC?

  • The UK’s longest established independent equity release advisers
  • Free, no obligation consultation
  • Friendly professional advisors
  • Independent, unbiased financial advice
  • Wholly independent; we always act in the best interest of clients
  • Guarantees and safeguards
  • Exclusive equity release schemes with extra benefits
  • Specially trained equity release advisers

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