While the cost-of-living crisis rages on, many of us are looking at ways we can tighten our belts, even with that new measures being put in place by the government earlier this month.
If you’re over 55, you could potentially help yourselves and your loved ones as they face the increasing costs too. You could have money locked up in the equity in your home that could help you relieve the pressures of soaring bills. Releasing the equity in your home could offset some of your outgoings and the loan is only repaid upon your passing or the survivor, if a couple, permanently into a long term care home at which point we can explore the preferred option to redeem the mortgage with you and maybe your beneficiaries?
The money released could be used to help clear an existing mortgage, again giving you more wiggle room to allow for higher outgoings in bills, food and fuel as they continue to climb. You could also choose to clear any debts you have which could not only relieve financial pressures but it could also help alleviate stresses and worries associated with debts and repayments.
If you’re concerned about securing an inheritance for your beneficiaries, many products now offer the ability to protect a sum of cash for them once you’re gone, or look at the gifted cash as a living inheritance, so you can enjoy seeing them utilise the cash you’re gifting.
If you think Equity Release could help you (and maybe your loved ones) to tackle the current financial climate, get in touch with our specialist advisers to see what we can do for you.
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