Bower Retirement Services suggests equity release as a way of helping people move later in life
Where people live when they’re in their 30s and 40s isn’t the same as when they’re in their 50s and 60s; yet many people end up stuck in their property well into retirement and fear it is too late to move. Equity release can help make moving home later in life a reality.
Equity release is a simple process homeowners can take advantage of to unlock cash from their homes. The estimated value of cash locked up in property in the UK is £3 trillion; even with £2 trillion tied into mortgages there is still a lot of cash effectively going to waste. This cash can be released using equity release schemes such as those offered through Bower Retirement Services.
Bower Retirement Services offers impartial equity release advice on the four main types of equity release schemes and thoroughly checks all equity release providers it works with to ensure they conform to industry standards.
Bower Retirement Services advises retired homeowners looking to move homes later in life to consider a lump sum lifetime mortgage. These types of equity release scheme give homeowners a percentage of their property’s value as a lump cash sum. This cash amount can be used as a deposit for a new, more fitting property in a more desirable location. The sum, plus interest, is repaid when the homeowner dies or moves into permanent long term care. This provides the perfect fix for homeowners looking to buy a new property. Additionally, modern equity release plans are portable so it is normally possible to transfer the plan to another property if homeowners wish to move again.
If however the lump cash sum is not enough, Bower Retirement Services advises homeowners to use the lump sum mortgage with flexible cash release. This works as above but with the added bonus of regular cash withdrawals. These cash amounts could be used to repay a second mortgage. The balance and interest is cleared when the property is sold.
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