When you are ready for retirement, finding a suitable way to relax can be difficult, especially if you have a limited amount of funds available. Equity release can bridge the gap for many homeowners, ensuring you always have enough money available for a comfortable retirement.
Essex Equity Release work with a range of providers to ensure you always find a suitable equity plan. We make sure you gain all financial support available with the help of equity plans.
Can You Begin Retirement?
For many people, retirement is the golden age where you can finally relax and enjoy the rest of your life, without having to worry about working for an income. But, without having enough money available to you, it can be difficult to enjoy retirement if you are still stressing over the finances you have available.
Equity release is just one of the ways you can guarantee your financial stability as a homeowner. You must be over the age of 55 if you want to release equity, whilst also owning a home. From this point, you can discuss a range of plans and select the best equity option for your needs. To prepare for retirement, equity release can always give you the financial support you need.
To avoid using equity release plans, homeowners should have sufficient savings available to use during their retirement, whether this is through a pension or money you have saved independently. Recent research showed an individual would need £12,000 per year to comfortably live in retirement. Depending on when you decide to retire, this means you could need quite a lot of money available to you after retirement to live without any stress.
The average pension pot is around just £30,000, meaning if you were to have a retirement lasting longer than just 3 years, this could be very difficult to manage financially. If you are looking to have a long and healthy retirement, equity release could offer the extra finances you need.
How Equity Release Helps
When filling the financial gap in your retirement, equity release can be the best option for many homeowners. With all the plans that we have available, you can be assured of a no negative equity guarantee. This ensures that when repaying your equity, you will never owe more than the value of your home, making it the perfect plan for retirement.
Whilst the retirement plans in place for the younger generation should mean equity release is not required as frequently, for current homeowners, this can be the best route to take. As long as you are over the age of 55, you can begin your retirement as early as possible with equity release. The most popular choice for equity release is to choose lifetime mortgages and this can make sure no monthly repayments are required and you can find a flexible plan for your needs.
This can mean, on top of your retirement funds, you have extra income to use for any situation in your life. These finances can be used for anything you require, including helping out family members or allowing you to have a simple retirement. By using this, you can ease the financial burden in later life and make sure the property wealth you own does not go to waste.
Repayment only has to be made when you and your partner pass away or move into long term care, meaning the house is vacant and be sold, subject to criteria of the plan.
If you would like advice regarding your retirement plans or would like to discuss the equity release options we have available, get in touch with Essex Equity Release today. We can provide a fast response and book a suitable time for an appointment to discuss all your requirements and what equity plans you can choose from. Call us on 01268 799211 or fill in our contact form to make an enquiry.