With £1.6 trillion held in property wealth compared to £336 billion held in retirees pensions – the numbers speak for themselves.
At a time when the average retirement lasts 18 to 20 years and with an expected income of £24,000 needed each year, if a retiree has no other savings, recent research by One Family shows the average pension will last less than two years even when taking into account state pensions.
With the value of property having risen over many years, it is no wonder that homeowners are turning to Equity Release to help fund their later years.
Lifetime mortgages are becoming an ever more popular way to fund retirement, and in 2018 nearly £4billion in equity was released which was an increase of approx. £1billion from 2017.
The Equity Release schemes of today offer a great deal of flexibility with many options available that can tailor the mortgage to suit an individuals needs. Seeking professional advice will take you down a route of considering all options you may have which could make life easier such as downsizing or perhaps your family can offer financial support. All avenues should be looked at before it can be determined that Equity Release is right for you.