EquityDrive

Can you take money out of the equity of your house?

Equity Release has been around for many years. It has become more attractive over recent years because house and property prices have grown year on year by double digits – which is more impressive than many other investment tools.

Many people who bought houses in the 80s and 90s before the boom started had a small mortgage and now live in a property with a significant value. Many people over 55 also have grown up children who won’t be reliant on inheritance from a parent when they die. In fact, one could argue releasing some of the money and giving to your children as a deposit for a house would be more useful for the children now that waiting until both parents have died.

Realise ambitions

Some people have always had an ambition to buy a boat, caravan, holiday home etc. – why wish when you could release some of the money from your property? A good thing to remember is you may borrow a small sum and might find over the coming 15 years your house has increased in value by that amount meaning technically you’re no worse off.

With House prices rising in the UK by on average 10% each year there is a wealth of gold you live in called a home. When you are getting older you can unlock that gold for the right deal. Make sure you find the best deal.

Click on a heading below and see a summary, and if you're interested you can GO and read more about it!

Here are some facts and stats  about equity release. GO!

Although you should seek professional advice it’s also important to do your own research. GO!

See the types of equity release. GO!

See the pros and cons of equity release. GO!

If you’re a visitor to our site you can join and download information, assess your own health and create your own action plans, and even contribute to our site. GO!

We have a video from Martin Lewis on equity release and a testimonial.  GO!

See what you can do next.  GO!

We have some additional information and stuff on this subject. GO!

Facts About Equity Release

£ 1

UK house prices have risen by an average of £22,023 since 2019, according to the ONS

Home ownership
63.9%

Home ownership has been in decline in the United Kingdom, falling from an all-time high of 70.9% in 2003 to 63.9% in 2018.

1 ,000

557,000 Britons have used equity release in the past 20 years, releasing more than £32billion of cash

Right To Buy
16%

16% is how much house prices rose in 1987 under ‘right to buy’

£ 0.1 billion

During the first half of 2021, 35,860 customers unlocked more than £2.3bn

Working after 70
33%

of workers now expect to be employed after their 70th birthday, up from only 17 per cent in 2010, according to Willis Towers Watson

1 ,000
Britons

557,000 Britons have used equity release in the past 20 years, releasing more than £32billion of cash

Rely on pension
34%

34% of home owners over 60 rely on a state pension as main source of income

Seek professional advice but also do your own research

In this Drive we show you the principles behind Equity Release, where to go to get advice and the different types of options. Equity release can be extremely advantageous but also can erode your hard-earned money if you don’t educate yourself to a degree, you can choose a person or company who can give you professional advice.

We can think of so many situations whereby people buy a product or service and implicitly trust the advisor or company and, in some instances, abdicate responsibility for taking out the service or product. The number of times we have heard people say; I didn’t have a clue what he was saying but I trusted his decision. Never sign anything unless you understand everything connected to the product or service, there’s a lot at stake.

Different Types of Equity Release

Equity Release is a way of getting at some of the wealth tied up in your property. Not only that if property prices continue to grow then each year this can have a positive impact on your situation. In the modern day the need for our children to receive a large inheritance is less. In fact, receiving cash earlier could have greater benefits; deposit for a house or support with grandchild care etc. There are two main types life mortgage and home reversion plan. In both cases the money is yours to do as you want and it can enhance yours or your family’s lifestyle.

I could do with more money in retirement, so I would  but I would never consider equity release

Pros and cons of equity release

Equity Release is ideal for some people and not for others. It’s is not a decision to be rushed into and time needs to be taken with a sympathetic professional who not only engages yourselves but also considers the wider family. Making sure you get the best possible deal with the lowest charges is what most people are looking for. Using a whole of market provider who puts your interests first is paramount.

The consequences can be extreme, so this shouldn’t be considered lightly.

It is really important to make sure that you’ve involved the people who matter to you.

For visitors

Why don't you join us?

You can register to join us as a member, when you’ll be able to download our stuff and comment, or as a YouDriver when you’ll also be able to check your health and set up your own action plans to make some improvements.  If you’ve already registered, sign in below. Or let us know what you think.

Martin Lewis on Equity Release

MARTIN LEWIS ON EQUITY RELEASE

This short video is from This Morning

"None are so old as those who have outlived enthusiasm"
Henry David Thoreau
Poet & Philosopher

Next Steps

It doesn’t matter what stage  you’re at – it’s important to be the best you can be.  At the end of the day it’s about taking personal responsibility – You Drive!

It’s really your choice. You can find out more information about the subject, or see other institutions that can help by going to Support. There you will find organisations, training, coaching, self-help courses and other items to support your personal change. We have also started developing a panel of experts to provide info, advice, help and support. 

Get Support

There are times when you need some help to meet your aims –  a helping hand. That might be  an organisation that can provide you with some help,  some specialised information, a particular book or tool to help, or just getting some background reading material.

We have a lot of items which appear on our Drives and other pages, which you can go to by clicking on the picture or link.  Some contain affiliate links and we may receive a tiny commission for purchases made through these links.

If you know of anything which could help you or our other visitors then please click the button on the right, which will take you to a Contacts page where you contact us.

Experts

We are compiling a list of experts who can provide advice, help or specialised services.  You will be able to access these experts from anywhere on our site you see our ‘Experts’ symbol.  Click the green E to see what our Experts list will look like, with a couple of imaginary ‘experts’ added!

More Information

Scroll down to see more information on this Drive. 

If you register you can also download reports, white papers, quizzes and other collaterals.  We will never ask you for any financial information, and we’ll only send you the information you want. You can register for our site either above or in the footer below.  You can provide your own questions and experiences in order to help other members.  We only moderate for spam and inflammatory language – see our moderation policy.

If you’ve found this interesting, then please share it on social media.  Choose your network!

Facebook
Twitter
LinkedIn
Telegram
WhatsApp
Email

More information

The Astute Guide To Equity Release

Equity Release, sometimes known as Lifetime Mortgages have been a growth industry for many years allowing retired individuals and couples to raise money on their homes and property to help supplement retirement income and cash needs. This book provides an unbiased summary of the Equity Release market, so that anyone considering this area is well informed prior to making a decision.


Go to Amazon

Too Good To Be Free

How A Reverse Mortgage Can Improve Your Life, Your Cash Flow and Pay You Too

This reference guide was put together to provide the truth in a simply-stated fashion.What if there was a mortgage out there that was specifically for people who are 62 and older, and who are either retired or about to be.


Go to Amazon

MoneyHelper have information on Equity Release

The Equity Release Council is a trade body which represents the sector and promotes standards for its members

AgeUK have a section on equity release

If you’re over 55 you can get a quote from Retirement Solutions

Stuff you might want regarding smoking

Now you’ve read about smoking you might want to make a bit of a statement.  Have a look at some stuff below we think has some humour value!  We may make pennies on commission, but that’s not the point really.  Click on the image to see more details.

Quit Smoking Gift Stop Smoke Free T-Shirt

In many colours and sizes

Go to Amazon

quit smoking tee shirt

Proud Quitter – Quit Smoking T-Shirt

In many colours and sizes

This graphic is the perfect for someone who recently quit smoking cigarettes.
Lightweight, Classic fit, Double-needle sleeve and bottom hem

Go to Amazon

quit smoking tee shirt

I Quit Smoking Wow What Funny Novelty 11oz Mug

11oz Mug
Hand Printed in the UK
Highest Quality in the Market
Microwave & dishwasher safe

Go to Amazon

quit smoking mug

Dorothy Spring Never Quit You Can Do It Inspirational Quote Plaque Metal Sign Perfect Gift Size 15x20cm

Length: 20cm / 7.9inch | Width: 15cm / 5.9 inch
Metal Wire Included / Easy Hanging
Perfect gift 
High Quality Beautiful Gloss Finish Print

Go to Amazon

sign

Stuff you might want on equity release

Now you’ve read about equity release you might want to make a bit of a statement.  Have a look at some stuff below we think has some humour value!  We may make pennies on commission, but that’s not the point really.  Click on the image to see more details.

Covid-19, Residential Property, Equity Release and Enfranchisement – The Essential Guide

Paperback

Some found that the UK property market came to an abrupt halt when Covid 19 struck in March 2020. This book examines the issues that arose within the residential conveyancing market from the joint authors who were in the “thick” of the consequences that came from the same. The whole of the residential market will be considered including the effect and changes to Equity Release matters and the way that Leasehold Enfranchisement matters have progressed.

Go to Amazon

residential property equity release book

A Practical Guide to Equity Release for Advisors

Paperback – 11 Oct. 2018

As time goes by and the standard of living increases then the UK population is living longer. To fund this great increase in life expectancy and more importantly the lifestyles that people become accustomed too then funding is needed. Equity release mortgages are therefore on the rise to allow the over 55s to prosper in their later years.

Go to Amazon

equity release book

Equity Release ~ or ~ the Tragedie of Sir Douglas Dee

Kindle edition – by Ian MacFadyen

A play in five acts, in which a man sells his body to pay off his debts, but then must fulfil his side of the bargain.

Go to Amazon

book

Advice Guru Podcast: Later Life Lending (sponsored by Royal London Equity Release)

This series explores many aspects of Later Life Lending for over 55s who own their own home. Interviews with those who have taken out Equity Release are featured to understand the problem they needed to solve, the actions they took to seek advice and the process they went through. Later episodes explore all aspects of the industry by speaking to key people such as Lenders, Brokers, Solicitors and underwriters. The aim of the series is to provide a catalogue of podcasts that provide potential clients with real insights to how the industry and products work.

Go to Amazon

advice guru podcast

Too Good To Be Free

How A Reverse Mortgage Can Improve Your Life, Your Cash Flow and Pay You Too

This reference guide was put together to provide the truth in a simply-stated fashion.What if there was a mortgage out there that was specifically for people who are 62 and older, and who are either retired or about to be.

Go to Amazon

too good to be free book

Health domains

You need to scroll down to see all the info in this popup – sorry for going on so much!

We break down the overall concept of health or wellness into ‘bite-sized chunks’ that we can actually do something about.  The first level we call health domains.

We like the Life of Wellness site and we have chosen the following domains.

1. Emotional Wellness: Awareness and acceptance of feelings
2. Spiritual Wellness: A search for meaning and purpose
3. Intellectual Wellness: Recognition of your creativity, knowledge and skills
4. Physical Wellness: Need for physical activity and balanced nutrition
5. Environmental Wellness: Positive awareness and impact on your environment
6. Financial Wellness: Debt reduction, cash flow balance or financial future planning
7. Occupational Wellness: Personal achievement and enrichment from your career
8. Social Wellness: Contribution to your community

wellness wheel

Health Areas

Within each domain, we have included a number of health areas. These are specific issues that you can tackle.  Within each health area, e.g. Depression, once you have subscribed we have built additional information and exercises which you can do to help in the area.

To close this box and go back click the X at the top or just click outside the box

See which domains you should address

You need to scroll down to see all the info in this popup – sorry for going on so much!

Having established that we use 8 domains, you need to understand which you should concentrate on.

The 8 are:

  • Emotional
  • Environmental
  • Financial
  • Intellectual
  • Occupational
  • Physical
  • Social
  • Spiritual

You can take a questionnaire, which scores you in each domain.  You can decide which domains you are strong in, and which you need to improve.

Another analysis shows which domains you should look at, but also which domains you want to look at.

To close this box and go back click the X at the top or just click outside the box

A Butterfly Life: 4 Keys to More Happiness, Better Health and Letting Your True Self Shine

Times of change can be a challenge, no doubt! Whether it’s a relationship breakup, job loss, or being diagnosed with a serious health issue. Or you may WANT things to be different, but it feels a little scary or overwhelming. The butterfly reminds us change can be beautiful, even necessary, in order to realize our full potential and live our best life.