The Best Way to Use Equity Release
Many people struggle with the idea of how to use the money from equity release. There are a few different options that you can consider, such as paying off your mortgage or using it for retirement. One option is to use a lifetime annuity which allows you to withdraw an income and then convert this into a lump sum upon death. Another strategy is to invest in stocks and shares which could provide more of a return on investment than other methods. It could be worth taking a look at your circumstances before deciding on the best option for you.
Some people also use it for a project that they have always wanted to do. For example, they may take the money and build a new extension or convert their home in to an apartment block.
As well as thinking about how you could use the money, it is also important that you think about when you might need it most. For example, some people find that they don’t have enough income during retirement because they’ve spent too much of their savings while trying to keep up with inflation. If this sounds like something which would be applicable for you then equity release can help your finances last longer by providing a regular income from your property until death.
It’s worth noting that there are different types of lifetime mortgages available out there so do speak to experts before making any final decisions on what type best suits your needs and circumstances. It will depend on whether you are looking for a lump sum amount or regular income in retirement.
Finally, remember that equity release doesn’t have to be a last resort. It can provide you with the funds which you need to invest in your future and make sure it lasts as long as possible.