9th September 2015
The ERC said that one-in-three homeowners over 55 had experienced stress or sleepless nights over unpaid bills or other financial issues, a fifth said they had argued with a partner or family member about money, and 9% had been late in paying a utility bill.
The ERC said that this was despite older people having an average of £241,000 tied up in their property, which could be released to pay bills and ease worries. As an alternative to equity release, a quarter of over 55s had already re-mortgaged their property, but this was proving increasingly difficult: 20% of over 55s said they had been refused a residential mortgage from a traditional lender.
I think that this survey is a timely reminder that many older people do struggle with day-to-day or month-to-month financial issues, despite owning their own home and having seen its value rise in recent years.
For many of us, the majority of our wealth is tied up in the property in which we live. Equity release is a safe and sensible way of taking some of that value and making it work for you – whether that means paying bills, enriching your quality of life, or securing your children’s future. And of course, most importantly, it also means that you do not have to leave the place you call home.
If you have any questions about the subject matter of this blog, or would like more information on any equity release related point, please do not hesitate to contact me in any of ways highlighted on this website.
Equity release is the answer to so many financial questions. If you would like to know more about it, and see if it could be the right move for you, please book an appointment or request a call-back
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