According to a recent report by Aviva, one-fifth of people aged over 55 are still paying of their mortgage, owing on average £65,107. With only 4 per...
According to a recent report by Aviva, one-fifth of people aged over 55 are still paying of their mortgage, owing on average £65,107.
With only 4 per cent of the over 55’s planning to use equity release as an option to pay off their outstanding mortgage, despite the fact that the average property value for people over 75 is £246,190.
The Real Retirement Report reveals a lot of interesting information, which is proving that many early retirees are not looking forward to a lifestyle free of debt problems and money worries, with around 21 per cent of over 55’s still making repayments on their mortgage.
Equity release can help you pay off any outstanding debts that you have; however it is advised that you speak to an equity release specialist before you secure debts against your home.
It may be the case that equity release isn’t the right option for you; however a specialist equity release adviser can tell you this should this be the case.
If you are planning to go ahead with an equity release scheme, the safest way to do so would be through an equity release scheme that is SHIP-approved or states that you can live in your home for as long as you choose, have the option to move into a new home (subject to criteria) and guarantee that you will never fall into negative equity.
On top of this it is important that you ensure your financial adviser is qualified to advise on equity release, so that you feel comfortable in knowing that the advice you receive is accurate and tailored to your individual circumstances.
Many people who don’t have any debts to repay look to release cash from their home to fund the things in life they have always longed to do such as holidays abroad to cars, and home and garden improvements.
You can find out how much you may be able to release from your home today by trying out an equity release calculator online. Through an equity release calculator, you will receive an estimated amount of how much cash you can release. It is further advised that from this estimation you speak to a specialist equity release adviser who can further assist you with your enquiry and discuss the different options that may be available to you.
This is an equity release plan. To understand the features and risks ask for a personalised illustration.
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