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.

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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.

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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. 

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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

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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

 

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Quit Smoking – Trying To Quit Smoking T-Shirt

In many colours and sizes

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11oz Mug
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Length: 20cm / 7.9inch | Width: 15cm / 5.9 inch
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Perfect gift for family, mother, sister, daughter, granddaughter, grandmother, girlfriend, wife, husband, friends and colleagues
Ideal gift for Christmas, Birthdays and new house
High Quality Beautiful Gloss Finish Print

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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.

Equity Release Made Easy

(We’ve Made it Easy)

Paperback

 

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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 ~ 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

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

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.