Seniors, unlock tax-free cash from your homes with Saga Equity Release Calculator. No monthly repayments, trusted by over a million.
How Can Seniors Access Tax-Free Cash?
Seniors can access tax-free cash from their homes through equity release, a financial product that allows homeowners aged 55 and over to borrow money against the value of their property without having to make monthly repayments. The loan is secured against the property, and interest is charged on the amount borrowed. When the homeowner dies or moves into long-term care, the loan is repaid from the sale of the property.1
Equity release can be a useful way for seniors to access cash for a variety of purposes, such as home improvements, debt consolidation, or providing financial support to family members. It can also be used to supplement retirement income or to cover unexpected expenses.2
There are different types of equity release products available, each with its own advantages and disadvantages. It is important to carefully consider all of the options before making a decision about whether equity release is right for you. You should also seek independent financial advice to ensure that you understand the risks involved.
Financial Flexibility Without Monthly Repayments
One of the key benefits of equity release is that it does not require monthly repayments. This can provide seniors with greater financial flexibility, as they do not have to worry about making regular payments on a loan. This can be particularly beneficial for seniors who are on a fixed income or who have limited savings.
However, it is important to remember that equity release is a loan, and interest is charged on the amount borrowed. The interest rate on an equity release loan is typically higher than the interest rate on a traditional mortgage, so it is important to carefully consider the costs involved before taking out an equity release loan.
Equity release can also affect your entitlement to means-tested benefits, such as pension credit or attendance allowance. It is important to seek advice from a financial adviser to understand the potential impact of equity release on your benefits before making a decision.
Trusted by Over 1 Million Customers
Saga, a leading provider of equity release products, has been trusted by over 1 million customers. Saga offers a range of equity release products, including lifetime mortgages and home reversion plans. Saga also provides a free equity release calculator to help seniors estimate how much tax-free cash they could access from their homes.3
Learn More Today!
If you are interested in learning more about equity release, there are a number of resources available online. You can visit the Saga website or the Equity Release Council website for more information. You can also speak to an independent financial adviser to get personalized advice about whether equity release is right for you.