If you’re over 60 and own your house, then you could release some of the money invested in your house as a lump sum of cash to spend on your retirement years.

Saga are specialists in financial services and holidays for the over 50′s but are not independent financial advisors, so you should really consult and indpendent, FSA registered finance expert before committing to an equity release plan.

That said, Saga have produced an equity release pack that will peovide you with some information on what you can get by releasing some of the money tied up in your home. You’ve earnt the money tied up in your home, so it’s only right that you should get to spend some of it rather than pass it onto your family (and the tax man)

You should be aware that taking equity out of your home may affect your state benefits, and will affect the value of your estate that you intend to pass onto your family. Please take advice before signing up to the plan at www.saga.co.uk/releaseequity or any other equity release plan as they may not be suitable for everyone.

This review was posted on Thursday, July 31st, 2008 and the offer details may have changed or ended since writing or updating. Check the company website for up to date information on offers.

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