Plans on hold – could equity release be the solution? There are few people who haven’t felt the significant impact of the pandemic both in human and financial terms. Perhaps you like many others are finding that you do not have enough savings to cover the financial effects of doing the things you would love to do.
Maybe sources of income have dried up or expected returns are much lower than you were hoping for? Maybe projects you had planned cannot proceed in this climate when money is so tight? In the latest article from Paxton Equity Release, the specialists for lifetime mortgages based in Tunbridge Wells in Kent, we look at why you may have shortfalls in income and what you can do about it. We also consider the things you would love to do if you had the money and why an equity release mortgage could be the perfect way to raise funds.
What you can do with an equity release mortgage?
Are your plans on hold for some of the following things you would love to do if you had the available money?
- Helping children or grandchildren to get on the first rung of the housing ladder
- Paying off an interest only mortgage when it reaches the end of its loan period
- Financing projects around the house – new windows and doors, or a conservatory or extension
- Renewing the kitchen or bathroom
- Buying a car
- Taking a well-deserved holiday
You may be receiving less income:
Certainly the crisis has made many people evaluate their lives and look at things differently. Coronavirus has meant that many are not in such a strong financial position, as they were at the beginning of 2020 and have had to put plans on hold.
- Dividend shares have been stopped or cancelled or are less than you were expecting
- Your investments and shares are worth less and it’s not a good time to sell
- You no longer feel in charge of your finances
Equity release can give you the financial flexibility you are looking for
Do you own your own house? Are you thinking how unfair it is to have most of your money tied up in your property, leaving insufficient funds for the other expenses of life? It’s actually possible to release equity and raise money from your home if you meet eligibility criteria. If you are over 55, take note NOW! There is a wonderful flexible mortgage scheme available to you and all it needs is triggering. Lifetime mortgages, also known as equity release mortgages can be an excellent way of releasing those locked in funds from your home to ease your financial worries. Those plans on holdthat you have could soon be a reality.
How does a lifetime mortgage work?
First of all, decide what amount would relieve your final worries today? Lifetime mortgages are often structured as an initial drawdown to cover your immediate needs, plus a reserve, which can be drawn at the time you need it. It is a bit like you having your own bank; you can take further amounts as and when you require them. Now, doesn’t that sound like the perfect scenario to raise the necessary funds?
How can Paxton Equity Release help you?
So, if you have plans on hold, Martin from Paxton Equity Release will be delighted to go through your options to see whether equity release will meet your needs and be the right choice for your family in these current difficult times. Do ring Martin Greensted at Paxton Equity Release for a free appraisal on 01892 617070. You could soon find that all your financial worries are a thing of the past.