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What Is Equity Release Cash Actually Been Used For?

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People are coming into retirement realising that they are in a far worse financial situation than they had anticipated.
As a result of this, most people are stating the main reason they are turning to equity release is to boost their retirement fund. However, it seems that the monies are being used to make home improvements

According to SunLife’s Equity Release Report 2020, 55% of people stated that they were looking into equity release for extra income.
Out of the number that took out equity release, 41% used the monies for their intended purpose.

Out of the total amount of equity release customers, a majority of 60% used their monies to make home improvements.
In comparison to the 32%, who were initially looking into equity release, stated home improvements as their purpose.

According to SunLife’s report, 22% the third most popular reason for using equity release was to buy a car.
Surprisingly this was seventh (16%) on the list of purposes when looking into equity release.

Using their monies for holidays was important for 27% of people who were looking into equity release.
When only 7%, who had taken out an equity release plan, had used their monies for holidays.

Surprisingly using equity release to pay off their mortgage was considered by 17%.

The Average release by homeowners is £47k.
SunLife’s research shows that the average amount released is £46,928.
£58,669 is the average remaining mortgage amount, still left to pay according to the report.

The SunLife Equity Release Report was created by asking 1,010 homeowners aged 50-80 to complete an online survey.

No Place Like Home

According to the report, 53% of over 50’s love their home and can not see themselves moving.
28% of over 50’s are considering downsizing or moving in future, and 12% said they would like to move, but they can not afford to.

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Equity Release Guru is a trading style of Responsible Life Limited. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register \(http://www.fsa.gov.uk/register/home.do) under reference 610205.

In using this website I give express consent to Equity Release Guru to call me on the number provided from time to time. Calls may be recorded for training and quality purposes.

This is a Lifetime mortgage which may reduce the value of your estate and may affect your entitlement to state benefits. To understand the features and risks ask for a Personalised illustration.

Any information contained herein is a personal opinion of the author and should not be considered to be advice of any kind. Inheritance Tax planning is not regulated by the FCA. Think carefully before securing other debts against your home. By consolidating your debts into a mortgage you may be required to pay more over the entire term than you would with your existing debt.

Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,295. Our adviser will talk through the setting up costs of a lifetime mortgage before you make any decision to proceed.

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