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Using Equity Release to cover the costs of renovations or home improvement

raising_capital_for_home_renovationsWe have just retired and are looking forward to enjoying our new found freedom. We have paid off our mortgage. We would love to add a lifestyle extension to the back of the house and landscape the garden now we have more time to spend at home.

We have enough income to get by on but not a lot of savings and don’t want to take out a loan or mortgage because the monthly payments would affect our lifestyle. Our son is supportive of us raising some money for this using the property as security as he knows we really don’t want to downsize from the home we love and our friends and family. He understands this will reduce his inheritance but is supportive of us doing this as he wants us to enjoy our retirement to the full and loves to visit the family home. We can’t wait to entertain in our new lifestyle extension.”

The adviser at Apex CB explained that Equity Release could be raised based on their age and the value of the property, with a cash reserve facility. The initial loan will pay for the extension, and then funds can be drawn from the cash reserve to pay the landscape gardeners as the work progresses, with no more hassle or forms to fill in. No interest is charged on the money sitting in the reserve, only on the amount actually drawn down, and this will make sure that the loan is kept under control in the long term.

The couple found the “no negative equity” guarantee reassuring as they know that they will keep full ownership of the house. Before committing, the Apex CB adviser gave them a personalised illustration that showed exactly how much would be owed each year for the next 30 years. They asked their son to be present during the meeting and they had plenty of time to discuss their plans with him before deciding to go ahead.

Using this cash reserve facility and having interest added to the loan will mean their son’s inheritance will reduce in the long term but he happy for them to enjoy their retirement.

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