You can use equity release for many things and one that it is popular is funding education for grandchildren. There is an immense sense of pride seeing your grandchildren go through university and equity release could help them get there.
The finance for university or college can be taken as a tax-free cash lump sum or can be taken as regular income withdrawals as the funds are required. Regular withdrawal or equity release drawdown as it is technically known by also helps save interest charges so can be very efficient.
How do I qualify for Equity Release?
To qualify for equity release you need to be over age 55 and have a qualifying property. A qualifying property is one you own and any person on the title deeds needs to be over age 55, so it is the youngest person applying that needs to be aged over 55. Any mortgage outstanding on the property will need to be paid off as part of the equity release.
Many retirees use equity release to help family. Sometimes, circumstances change unexpectedly and a family member may need some financial help, equity release can provide a potential solution but it is important to consider all the alternatives as well.
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