Later Life Lending enables homeowners aged 55 and above to access a lump sum from their property’s value without the need to downsize, sell their home, or relinquish ownership.

This financial solution allows individuals to enjoy their retirement while still benefiting from the assets they have accumulated over time. Below are the seven of the most common reasons that people choose to pursue later life lending:

Enhancing Your Home and Garden

Many homeowners opt for later life lending to fund home and garden improvements. Investing in property enhancements can increase the value of your home as well as helping to enhance quality of life.

Purchasing a New Home

Surprisingly, later life lending can be utilized to purchase a new property, whether it’s a second home or a primary residence.

This provides individuals with the flexibility to explore new housing opportunities.

Increasing Disposable Income

As property prices rise, homeowners can leverage later life lending to supplement their retirement income with a tax-free lump sum.

Some individuals prefer a draw-down facility, allowing them to withdraw additional funds as required. Discussing these various options with an later life lending advisor is recommended.

Supporting Family Financially

A common question surrounding later life lending is whether it permits leaving an inheritance for loved ones. The answer is yes, and there are methods to ensure a specific amount for inheritance purposes.

Some individuals choose to gift money during their lifetime instead of waiting until after their passing. Releasing equity enables them to assist their children or grandchildren in buying their first home or covering university expenses, for instance.

It’s worth noting that Inheritance Tax Planning falls outside the purview of the Financial Conduct Authority, and later life lending advisors may refer clients to specialists in tax and wills for further guidance.

Fulfilling Travel Aspirations

Retirement often ignites dreams of world travel, ticking off destinations from one’s bucket list, and visiting distant friends and relatives.

Many individuals leverage the funds released through equity to transform these aspirations into reality.

Owning a New Car

For certain clients, purchasing a new car ranks high on their list of priorities when considering later life lending.

Modern, reliable vehicles are often beyond the financial reach of retirees. Equity release has provided an avenue for fulfilling their dream of owning a new car.

If you have any questions about later life lending or would like to explore how later life lending could help you, please do call our team on 01322 553 282 or contact us online.

An Later Life Lending product will reduce the value of your estate left to named beneficiaries. Equity release may not always be suitable for you and could affect your entitlement to state benefits.

You must contact a certified later life lending advisor and weigh upon the advantages and disadvantages before you decide if it is right for you.