The last thing you should do once you have retired is sit around the home worrying about money, feeling like you can’t do all the things you always dreamed of doing in retirement. Wouldn’t it be great to get your hands on thousands of pounds that you could use to do things you never had the opportunity to do during your long years of work? Well with equity release, this dream can become a reality!
Lump Sum or Regular Payments?
By releasing equity from your home, you have the option of receiving regular payments over a period of time via a lifetime draw down mortgage or receiving a one off cash lump sum. This means that if you want that dream holiday abroad you could opt for a lump sum to cover the cost. Alternatively, if you want a better standard of living all year round, then add some much needed cash each month to your existing pension with a regular cash injection. The choice is yours.
Spend it as You Wish
Don’t worry about coming up with a viable reason for wanting the money! The beauty of equity release is that it can be used for anything — after all, all you are doing is releasing money from a home that you own. It’s your money! A few holidays, a new car, home improvements, the choice is up to you. Whether you choose a lifetime mortgage or a home reversion plan, the result will be a considerable boost to your income during retirement.
Equity release advisers will explain everything you need to know and the process is relatively straightforward. So for a retirement that is free from financial pressures and which could turn out to be the most comfortable period of your life, consider equity release.
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. Bower offers a no obligation initial consultation to homeowners considering equity release.