Home improvements: could equity release help?
8 min read
There’s no doubt that home improvements could add value to your home. However, for some people in their 50s, funding these improvements can sometimes seem like an impossible dream.
There are a number of ways you might be wishing to transform your home. Whether you want to expand your space, upgrade your appliances or even try to increase the value of your property, making improvements to your treasured space can make life more comfortable in a whole host of ways.
Consider your options
There are both benefits and drawbacks to consider when deciding if releasing equity is the best way to fund your home improvements.
You will retain full homeownership and can have flexibility about how and when you access the cash available to you, but you must also think about the fact that taking from your estate now will reduce its value in the future and may also affect your entitlement to means-tested benefits.
Deciding which option is best for you can therefore be a difficult choice, so the best thing you can do is seek professional advice to find out if equity release is right for you.
Here at Royal London, we have carefully selected the experts at Responsible Life to provide our Later Life Lending Service. They are ready to offer each of our customers access to quality advice that covers all of the products available to over-55s looking to raise funds to improve their homes.
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