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Equity Review | December 16, 2017

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Boomers and zoomers lead the need for speedy finance during retirement in the UK

Boomers and zoomers lead the need for speedy finance during retirement in the UK
Kenneth Hardman

If you are of the baby boomer generation you may well be considering going into retirement in the next few years. If you are anxious that your pension policy may not cover all of your costs or afford you the financial security that you require, you might be keen to look into equity release and home reversion schemes as means by which to remain solvent.

Typically, people of your particular generation are likely to have a good deal of equity secured in houses and land. This is a result of the property boom that you will have experienced earlier in your life. The good news is that you can now begin to use these assets to your advantage.

Equity release schemes are widely varied however, basically, each one involves using your property, or a portion thereof, to secure either a lump sum payment from a third part lender, or a series of smaller monthly instalments.

At the same time as you receive this money, you will be able to retain occupancy of your house and property. This means that you will be able to continue living according to the lifestyle to which you have become accustomed without having to sacrifice your home.

If you happen to own your home outright, and you have no mortgage payments still outstanding, you may well find that you could benefit significantly from participation in an equity release scheme.