Take control of your retirement finances with equity release

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We lay everything bare in order for you to make the most informed decision on equity release and help answer your fiscal questions and worries

Can't wait to find out how much you could release? Use our handy calculator now.

Perhaps the biggest issue to deal with when shifting from work to retirement, is the change in your financial situation. Moving from a steady salary, to an income generated by savings and pensions takes some getting used to, and can become a demanding concern where debt is involved.

Vince Smith-Hughes, a retirement income expert at Prudential, says: “For most people the move from work into retirement will see them having to cope with a drop in their income. Having to use precious retirement income to pay off debts could make life even more tricky for the newly retired.”

It has been predicted by the Financial Conduct Authority, that mortgage debt is set to double over the next 13 years for over-65s. This would mean that mortgage debt would rise from £20.1bn to £39.9bn by 2030.

Dealing with outstanding debt

First and foremost, if you are struggling with large debts it would be prudent to seek advice from dedicated organisations such as Citizens Advice or debt charity StepChange.

For more manageable levels of debt there are other options to consider; If you have significant cash savings, using these to pay off personal debt is the most sensible answer.

However, if you're finding that your retirement finances could do with a tax-free cash boost, then releasing equity might be the right option for you. By releasing some of the value of your home with a Lifetime Mortgage from an Equity Release Council approved lender, you are protected. Thanks to the multiple customer-focused safeguards, you will remain the sole owner of your home for life, and can never owe more than the value of your property. Lifetime Mortgages feature no required monthly payments, and fixed rates of interest.

It is always important to remember that by consolidating your debts into a mortgage you may be required to pay more over the entire term than you would with your existing debt.

However, if you are searching for a safe, regulated, and beneficial way of boosting your retirement finances then why not explore what a Lifetime Mortgage could do for your golden years.

Steve Wilkie, managing director at Reader’s Digest Equity Release says:

"With equity release becoming a family affair, the shopping list is getting bigger and driving up the average amount being released. It’s now helping customers across a range of issues, including managing debt, going on holidays, improving their homes, and getting their families set up for life."

Whether you're curious as to how much you can release, or you want to take the initial steps towards releasing equity, this handy calculator will give you the information you require. 

Or you can contact us on 0800 029 1233 to discuss your needs with a view to arranging a no obligation face-to-face home visit with one of our financial advisers.

Reader's Digest Equity Release is a trading style of Responsible Life Limited. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fsa.gov.uk/register/home.do) under reference 610205. In using this website I give express consent to Responsible Life Limited to contact me on the details provided from time to time. Calls may be recorded for training and quality purposes. This is a Lifetime mortgage which may reduce the value of your estate and may affect your entitlement to state benefits. To understand the features and risks ask for a personalised illustration. Any information contained herein is a personal opinion of the author and should not be considered to be advice of any kind. Inheritance Tax planning is not regulated by the FCA. Think carefully before securing other debts against your home. By consolidating your debts into a mortgage you may be required to pay more over the entire term than you would with your existing debt. Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,295. Our adviser will talk through the setting up costs of a lifetime mortgage before you make any decision to proceed.