Equity release to help with regular bills
More than one in ten people who take out an equity release mortgage do so to help pay regular bills*.
Over 55 equity release through home reversion or a lifetime mortgage can give you peace of mind, so you can relax and enjoy your retirement, knowing that your bills are covered. You can also opt for a draw down facility to meet unexpected bills.
You can opt to receive your equity release money in a lump sum, but choosing small, regular payments will not only help you manage your cashflow, it will also help reduce the interest that accrues on the mortgage enabling you to pass on more of your estate to your loved ones.
*Source: UK Equity Release MARKET Monitor, Q1 2017
Case study: help with bills
Our client who is in her late 70s was struggling to make ends meet each month surviving on just a basic state pension. She hadn’t had a holiday for years and had little in the way of luxuries or small treats. We helped her release an initial amount of £10,000 for a holiday and to give her an extra £250 a month for the next year. She also had £50,000 available in a drawdown facility to take as and when she liked, which gave her the security and peace of mind she needed.
We did it!
We used equity release to ease our finances in retirement
‘We consulted 55Plus Equity Release when we were thinking of taking out an equity release mortgage to ease our finances in retirement. We were so impressed by how they looked after us, that I have recommended them to loads of people!
My husband and I are both of retiring age, and we wanted to have a little bit of money in store to make our retirement a bit easier, and – after reading a lot about it – we thought that an equity release mortgage would be the best way of doing it. We were recommended to 55Plus Equity Release, and we’re so glad we used them!
Having the equity relief mortgage in place is a tremendous relief. We’ve had quite a good life and have spent our money as we went along. By the time we got to this stage, I don’t want to sit around not putting on the lights because we can’t afford it.
We’ve had a new shower fitted downstairs and a few other alterations to the house, we’ve upgraded our car and we’re going on holiday. But we’ve only drawn down a minimum amount to begin with; the rest is put aside for us to use as we go along. It eases your mind; I don’t want to move or downsize. We asked ourselves: what’s the best way to do this and make our retirement easier? Our equity relief mortgage means we don’t have to worry about whether we can afford to do things, and we understand that we can pay the interest if we want to keep as much value as possible in the house for our children.
I can’t praise 55Plus Equity Release highly enough and am happy to recommend them to anyone thinking about their finances at this stage of life.’Linda Skipsey, successful over 55 equity release mortgage applicant, Gravesend, Kent