Saga recently researched what most people would do with money that they could gain through an equity release and the results were quite interesting.
If you don’t know that an equity release is or how it works then the Saga website explains this all for you. It’s a way of unlocking some value, or equity that you have in your house for an exchange of tax free money, without having to move house. There are lots of benefits to this as it’s a lump sum that you can spend on other things, like the data shows, but it isn’t for everyone and Saga will do a full financial check to make sure you’re eligible. You also have to be over 55 usually and your property must be work over £70,000 but this changes between providers.
So, if you were eligible and undertook an equity release, what would you spend it on? Saga’s research shows that most people would use the money for Home Improvement. I just love that, take money out of your house to put back in to make it even more special. Perhaps with a conservatory, an extension, or even a loft extension! Obviously the other answer that most people said was to go on holiday, can’t argue there.
When I asked my followers on Twitter, I got a slightly different answer…
It seem that a very sensible bunch follow me as they’d clear off debt! I think I’m definitely with them, if I came into a large amount of money I’d definitely want to get rid of any debts so I had even more free money! Holiday, of course, came second, followed by home improvement! Very interesting that no one cares for a car, I don’t drive so I don’t, but I would have thought that’d be quite high up. A useful, reliable car? Surely that’s a top thing to want?
This post is a paid collaborating with Saga but all words and views are my own.