Money for Homeowners in Retirement

This is a very special type of financial product or mortgage for homeowners in retirement or nearing retirement.  This is typically people aged 55 or older.  It can provide a tax free cash lump some or a monthly income.  You don’t need to tell the lender what you are going to use the money for.

Examples include but are not limited to:

  • Replace an old car for a newer more reliable car or adapted vehicle
  • Improve your home with a conservatory, or make essential repairs
  • Holiday home purchase, motorhome or touring caravan
  • Holidays and other time spent away
  • Clear another mortgage or unsecured credit commitments
  • Medical treatments or living aids like stair lifts
  • Help family members with deposit for new home purchase, often a larger deposits can enable cheaper lending
  • Manage problems with Inheritance tax and other tax liabilities

So what is Home Equity and how much do I have?

In simple terms this is the difference between what your house is worth, and the value of any debts that are secured on it.  For example if you have a £110,000 house and a £8000 mortgage, you have around £102,000 of home equity.