Every day we are informed in some way that the economy isn’t getting any better and that the government cuts have only just got going. Fuel bills are increasing; inflation isn’t on anyone’s side and the forthcoming VAT rise is hardly helping to make us feel better.
However, there is some good news for those over the age of 55 who own their own home and that comes in the shape of equity release. UK residents are increasingly turning towards the cash locked into their homes to improve their standard of living in or approaching retirement courtesy of a lifetime mortgage or home reversion plan.
Fighting the Recession with UK Equity Release Schemes
Keeping the wolf from the door by using your own cash, unlocked tax free from your home, is possible thanks to UK equity release schemes. Whether it’s a lump sum taken to make improvements to the home — improvements that could well save you money such as a new energy efficient heating system or replacement windows and doors for example — or a cash reserve from which you can draw down cash as you wish until the fund is used up, it’s all promising news. You could pay off the mortgage or any other debts you have and in doing so increase your disposable income so that you have more cash available to spend on going away on holiday or treating the family.
Seeking Advice from an Equity Release Specialist
Whilst the benefits of equity release schemes are numerous, it is vital that professional advice is taken from a specialist equity release adviser to ensure it is the right course of action and the correct plan is chosen. In some cases a home reversion plan may be the best option, in others a lifetime mortgage is the selection of choice.
Take the right advice from an FCA regulated equity release adviser and then relax and start enjoying your retirement!
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.
Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information email [email protected] or call 0800 4118668.