No matter how hard you work in life, by the time retirement comes around you start to realise that what you get out in terms of pension does not really match the effort that you have put in over the years.
And combined with dwindling savings being commonplace, retirement for many is not as rosy a prospect as it once was. But worry not. If you own your own home and are aged over 55, with equity release, you still could have that retirement you have always dreamt of. Thanks to UK equity release schemes such as a lifetime mortgage or home reversion plan, you could be looking at a decent cash lump sum or a regular draw down income to enjoy in retirement exactly how you please.
Spend or Save?
What you do with the money is totally up to you. The beauty of a lifetime mortgage or home reversion plan is that you can spend the cash released on anything you please. So you could spend it all on a round the world trip, a new car or a complete home renovation. Alternatively you may opt to treat the children or grandchildren. Knowing how hard it is to get on the property ladder, you could even earmark it as a deposit to help the kids or grandkids buy their first home.
Making Retirement more Rewarding
However you spend your tax free cash, the bottom line is that it is a good way to make retirement more fun and rewarding for yourself and your family. Times are hard at the moment, so make the most of what you have got and think about releasing the equity from the home you have worked all your life to pay for. Speak to a specialist equity release adviser for in depth advice and to ensure it is the right course of action for you.
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.