Equity Release can be a life changing, prudent recommendation for older homeowners who would like to utilise the equity tied up in their home to secure extra cash in retirement.
In this blog from Christopher Moyse, Marketing Director, Blueberry Mortgages examines equity release.
Equity Release can help facilitate home improvements, pay for the costs of care, help a loved one who is struggling financially, or pay off other debt.
With the adverse publicity surrounding the NHS and, more specifically, the waiting times for ‘non-urgent’ procedures, it is probably no surprise to read that we are seeing a noticeable increase in enquiries relating to equity release for private medical expenses.
Planning means looking ahead and, as advisers, there is a need to play our part in supporting our clients to do just that, after all, it wasn’t raining when Noah built the ark.
The cost of living crisis continues to apply pressure to household budgets making planning crucial and I am certain that 2023 will continue to present challenges for us all.
Taking a forward thinking approach with our clients is sensible and supporting them ‘getting the house in order’ essential, wherever possible.
This is particularly appropriate for older people who might not have considered that they are able to release additional cash in retirement from their property; it is also important to avoid being blinkered or biased in our opinion of equity release.
While it is not suitable for everyone, for some clients, it could be entirely appropriate – it might be the difference between remaining warm and fed, or not.
Quality of life, in the here and now, is arguably more important than leaving a legacy behind when we are gone.