The pandemic is still raging on across the world and we’re sure many are beginning to assess the damage the past 2 years have caused not only to their health, their loved ones and their socialising, but more so their circumstances and finances.
The furlough scheme while benefiting many has left lots of us facing a financial shortfall, many of whom fall into that over 50 age bracket. Research from Rest Less found that more than 540,000 people had experienced living on a reduced income due to the furlough scheme, and 181,000 are out of work since last year.*
For those with savings at the start of 2020, they’re likely to have seen a decrease in this pot of money given that retirees have often made-up income shortfalls by accessing their savings…so what now?
The economy is far from recovered to its fullest and rising costs of living are likely going to have a further impact on spender’s pockets.
Debts still need repaying, outstanding mortgages demand monthly mortgage payments and even younger generations may be grappling to get themselves onto the housing ladder, but the pot is running dry.
Research form OneFamily concluded that many are looking to delay retirement to make up for the loss in income, but what if this isn’t an option for you, or even more so, what if you don’t want it to be a solution?
Those over 55, could have a solution in the form of Equity Release.
The financial option has risen in popularity in the last year, and is now outdoing pre-pandemic levels with many turning to this option to cover mounting expenses. The loaned amount does not need repaying until death or admission to long term care which provides a lot of reassurance and freedom for those looking to weigh up their financial options.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice. A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.