Quick guide to the key points:
What can you use a home equity loan for? You can use it for things like home improvements, travel, day-to-day living costs, medical needs, refinancing existing commitments or providing support to family.
Can you use a home equity loan for anything? No. You can use the funds for many practical purposes, but you can’t use them for anything unlawful or for purposes that do not meet responsible lending requirements.
You can use Inviva's home equity release loans for a variety of purposes, giving you with the flexibility you need to meet your goals. This could include funding the trip of a lifetime, buying a new car, renovating your home, supplementing your retirement income, consolidating debt, helping your kids, grandkids and more.
You can choose to access the funds as:
- an upfront lump sum if you want the money now
- a line of credit if you want access to cash as and when you need it
- a regular income payment option if you are looking to boost your retirement cashflow, or
- a combination of any of the above options so you can live your retirement your way.
While the loan gives you wide flexibility, there are still boundaries around how it can be used. Every application goes through responsible lending checks, which means Inviva looks at whether your intended use is reasonable, lawful and suitable for someone in your situation. These checks are in place to help make sure the loan aligns with your long-term well-being, rather than putting you under unnecessary pressure later on.
Have questions about your plans? Reach out to Inviva
If you need help understanding your own fund or want clarity around your case, our team at Inviva can talk you through it. You’re welcome to reach out with any questions, get support with the application steps and learn how your property is assessed.