The rise of a troubled economy is never a good sign, but the good news is that some things really don’t change. In fact, many of the resources and guides that we’ve published have been in direct response to the wobbly economy and the cooling off of credit markets. These are points that everyone needs to pay attention to, whether they’re ready to retire or not. It can be tricky to retirement when everything is shaky, but there are ways to get back on your feet and keep fighting for a better future.
The first thing that you really need to think about here is the equity release scheme. In a troubled economy, you don’t want to have to worry about where you live at all. If you have worked hard all of your life to be able to afford the house, you really don’t want to find yourself being unable to actually get things done. You may have a good family that you can rely on, but who wants to burden them? No, when you get older you want to be as independent as possible so that you don’t put any more stress or pressure on your family.
So the question remains: will equity release programs really last in a troubled economy? We think so, for a few reasons:
Equity release schemes work. They just do — if you have worked hard all of your life and paid down your mortgage, you’re going to find yourself being able to really take advantage of a lot of built up equity. Why not release it so that you can take care of yourself? You’re going to get a lump sum payment that you can use for anything and everything that you want. There’s no need to worry about where you’re going to be able to go to take care of yourself. You won’t have to leave your home. The rising cost of living means that it’s getting harder and harder to actually live anywhere. So if you are worried about actually being able to take care of your needs, you can rest easy now.
We’re talking mainly about the lifetime mortgage option for equity release, which is very popular. You will be able to stay in your home, have a lump sum of cash, and do all of the things that you want to do.
Proper financial management is still the key to making equity release work, because you really don’t want to try to go into deeper debts. In addition, if you don’t release all of the equity in your home, you may still be eligible for other types of loans. However, only the equity release scheme lets you skip the monthly payments. If you went with a regular equity loan, you would still have a monthly payment to deal with. Lowering your bills as you get older just makes sense — especially when it’s combined it with other savings and investments that you might have!