Your home is your castle or so the saying goes. For most of us, it is the place that holds the majority of our wealth and whilst this is great and demonstrates that buying property is a sound investment it does bring with it some considerations. For example, can our homes provide us with an income or provide disposable cash in later years? Using an equity release calculator allows you to see just what cash could get back from your home.
Our homes often make us wealthy on paper but not in practice. You could find that due to house prices in your area your home is worth considerably more than when you first bought it. And yet that money is just numbers on a piece of paper because you need somewhere to live. Many of us don’t want to downsize in order to access money, our home is full of our memories and we are part of a community. You may still need the extra bedrooms for when family come to visit and especially for grandparent duties where you have overnight visitors. However, there are ways to release some of this money in order to let you live your best life.
We are also living longer with many of us living another 20 years plus after official retirement. The good thing is that not only are we live longer but we are living better and therefore will still have travel plans and bucket lists of things we want to do in our more senior years. However, funding our grand plans is more challenging because pension pots can be smaller than we expected or we just didn’t plan our retirement carefully enough.
However there are ways and means to access some of this money. Just think what you would like to do if you could pull out some of the equity in your house. It could pay for that dream holiday that you’d like to take the family on. You could have that new kitchen fitted or even buy that holiday home you’d like to spend time in. There are so many options. Helping your children get on the property ladder themselves or helping out with university costs the list of what you may need money for is endless and of course personal.
SunLife have put together a nifty tool that shows much your home has gone up in value. They also have a dream shopping basket where you can price up what you might want some extra money for. Once you have filled your shopping basket and imagined how you could improve your life you can see how much equity you would need to be released in order to put these dreams into practice.
Using the equity release calculator will help inform you of your choices, it will provide you with one way to secure cash for your life and help you realise your dreams. What would you require money for in later life?
*Remember that equity release is a big decision. You should consider it carefully, talk to your family and seek specialist advice before making any decisions. If you release equity, you are required to pay-off any existing mortgage and/or secured debt first.