If you have paid most or all of your existing mortgage, you may want to consider a capital release plan.
Equity Release
can provide you with a large sum of money to spend while still allowing you to continue living in your home. It can be particularly useful to cover large expenses later in life, such as long-term care. A capital release mortgage involves a lender giving you cash in exchange for a portion of the proceeds from the sale of your property later on.But unlike a traditional mortgage, which you pay within a certain period of time, a capital release loan is not settled until you leave your home. Equity release is a type of loan that allows older borrowers to access some of the money tied up in their property. There are different types, such as a life mortgage or a home reversal plan. The amount you can borrow will depend on your age, the lender, and the value of your property.
Capital release refers to a range of products that allow you to access capital (cash) immobilized in your home if it is older. You can accept the money you release as a lump sum or, in several smaller amounts, or as a combination of both. The capital release allows homeowners 55 and older to free up tax-free money from the value of their home. The amount you can release depends on your age and the value of your home.
Depending on the capital release product you choose, you can claim your money as a large lump sum or as a series of smaller lump sums.
