As you move into the early stages of retirement, the prospect of no work and a lot of free time can appear quite daunting, which is why many people co...
As you move into the early stages of retirement, the prospect of no work and a lot of free time can appear quite daunting, which is why many people continue to work later into their retirement years to keep themselves busy.
There are; however people who have no choice but to continue to work during their retirement years, due to their pension pot being low on funds and not enough to cover the costs of retirement.
With 2011 predicted to be a tough year for many, equity release schemes are being considered as the next step for people who wish to release some extra cash from their homes to meet the rising costs of day to day living.
There are currently three types of equity release schemes on the UK market. These are called lifetime mortgages, drawdown lifetime mortgages and home reversion plans. The three types of schemes vary in their features; therefore it is advised that you speak to an equity release adviser before you make any financial decision.
Many equity release providers are looking at new and improved ways to expand and adapt their equity release schemes to their customer’s individual needs. From plans which help guarantee an inheritance, to plans which allow a customer to fund long term care, there is room for change and the equity release industry certainly plans to follow it.
A lot of the negative press that has surrounded the equity release industry over the last few years has been down to the fact that not many people know about it and very few financial advisers are able to advise on it, due to it being a very specialist product. This has seen many people become dismissive of a product, which could help many retired homeowners become free of debt and worry, enabling them to live the retirement they thoroughly deserve.
This doesn’t mean to say that an equity release scheme is for everyone and an equity release adviser will be able to tell you this should this be the case. You should never feel pressured to release cash from your home and should take the time out to read about the different equity release schemes available, and whether it will be of benefit to you.
It’s important that you seek independent financial advice first, and ensure that the scheme you take out protects you from negative equity and allows you to stay in your home for life until you pass away or move into long term care.
This is an equity release plan. To understand the features and risks ask for a personalised illustration.
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