Do you ever think about going on a dream vacation, but you don’t know how to fund it?
Is there a specific place in the world that has always been your bucket list destination because of its beauty, culture, or adventure? If so, then equity release may be the answer for funding your dream vacation.
Equity release is when someone borrows against their home’s value and uses the money they receive from this loan as income. This article will explore how to use equity release to fund your next big adventure!
What is Equity Release?
Equity release, also known as home equity conversion mortgages (HECMs) or reverse mortgages, is a type of loan that allows people to borrow against their house’s value. The money they receive from the loan will be used as income and deducted from their taxes if it is money for retirement or medical bills.
Can You Fund Your Holiday With Equity Release?
The short answer is yes. The useful thing about equity release is that it allows you to free capital locked away in your property. With the various ways of borrowing with equity release, you can ensure that you do not have to make immediate repayments.
Thousands of people are using equity release to help them follow their perfect holiday and retirement dreams. And many other people are sitting at home thinking ‘they’ve done a great job in raising the family, put in a solid effort on the career, and maybe now is the perfect time to get out and experience all those places they’ve dreamt about.
On the other hand
Maybe you are one of those people who are embarking upon a new chapter in your life, and you already find yourself going on the internet and searching for perfect holiday destinations on travel websites.
But there’s always been a voice in the back of your head questioning ‘how’ you would be able to do it. There is a way in which that perfect time-off and holiday with your loved ones can turn from a dream into a reality with equity release. By releasing money from your home with equity release, you could feel the warm, soft sand underneath your foot in no time.
Is It Secure?
Understandably people tend to feel hesitant when it comes to financial matters and always want to feel assured that the next decision is a safe one. Fortunately, with equity release, you are in safe hands as it comes with various safety features that are implemented to protect you. The equity release scheme is relatively safe and was approved by the Financial Conduct Authority.
Who Can Apply for Equity Release?
The minimum age is usually 55 years old homeowners, but the criteria can vary according to providers. Equity Release could provide the funds needed to help fulfill your dream of traveling the world while still living at home in comfort with less stress on your budget. If you want to fund your dream vacation but don’t have the cash, equity release may be a good option.
Remember that equity release is a big decision, and you should consider it carefully. We advise you to seek specialist advice before making any decisions. If you release equity, you must pay off any existing mortgage and secured debt first.
Before considering equity release, it’s important to understand how this process works so that you can make an informed decision about whether or not it will work for you.
