GrownUps accepts no responsibility for decisions made by Members or any other persons as a result of using or relying on any information in this email or the GrownUps website. GrownUps does not give any financial advice or make any recommendation of any product or service.
Are increased living costs putting the squeeze on your planned lifestyle? You are not alone “everything” seems to be more expensive. It’s a pity the increases do not flow through to our incomes!
What are your choices in these tougher times if you are already living frugally?
– Review your budget. See if there are other things you can cut back on.
– Consider asking family for financial help.
– Sell your house and buy a much cheaper one (remember to allow for selling costs).
– Consider borrowing against your home (an Equity Release mortgage).
Whatever you do, do something! Life rarely gets better while the Ostrich has his head in the sand.
This article focuses on “Equity Release” or "Reverse Mortgages". In my opinion Equity Release is still not fully understood by many people. It is not a one solution that fits all, and like any lending decision, it needs to be carefully considered against YOUR situation. Make an informed decision based on what is best for you. Below is an example of a scenario where Equity Release provides choice. It’s up to Fred whether he considers this is the best solution!
Fred has a house and a small mortgage. He lives in a great spot, close to friends, shops and other conveniences. The problem is his income hasn’t kept up with living costs and his savings are gone. To reduce expenses he has decided to stay at home more and cut back on groceries. Financially he has almost arrested the slide, but unsurprisingly he is feeling run-down and depressed. Until he heard about Equity Release Fred thought the only option was to move suburbs and buy a much cheaper home. The money left after real estate agent fees could pay his bills. The thought of moving REALLY is depressing him.
Moving may be the right option for Fred, ideally he doesn’t want a mortgage. However, equity release means he can remain in his home as long as he wants without having to make regular mortgage repayment. At least he now has a choice. In Fred’s scenario the desire to remain where he is and the fact his house is worth twice what it was 5 years ago leads him to choose Equity Release. For you it may be a different choice.
Equity Release provides the opportunity for over 60’s to stay in their own home and improve their lifestyle. To decide if it is right for you: get advice from an Equity Release expert; then talk to family and an independent lawyer. Equity Release has made a massive difference to the quality of life of many retirees.
GrownUps accepts no responsibility for decisions made by Members or any other persons as a result of using or relying on any information in this email or the GrownUps website. GrownUps does not give any financial advice or make any recommendation of any product or service.