More people than ever are approaching retirement with outstanding debts or planned expenditure that they currently do not have the funds to sustain

Equity release from your home is an option to provide you with the funds for this, however increasing options have recently come to the market that give a wider range of choice. Because of this, identifying which option suits you best is where a qualified later life adviser can help you make the right decision for you, now and ongoing.

Don’t tie your retirement to your existing debts

Over a third of people due to finish work this year will retire with an average debt of £17,000 according to Key. How to structure the current debt and meet any additional spending in the early years of retirement is of paramount importance for the adviser to build with the client in order to give a better chance of delivering on the client’s retirement plan.

Plan for your family’s future by being smart with your mortgage

Not all retirees are looking to raise or restructure debt for their own purposes, the number wanting to help family get onto the housing ladder has doubled whereas at the same time the number wanting to carry out home improvements has fallen by 25% in the same time period. Women are more likely to take out equity release than men according to LV= analysis that they have recently published, they have highlighted that some of the reasons for this are the relatively small pensions that women will receive due to the fact that they generally live longer than men, have a lower average pension payout and are increasingly financially unsupported due to rising divorce rate for the over 60s.

The range of equity release, retirement interest only, later life lending propositions that has become available to the market has grown considerably.

How to leverage your home and mortgage to gain financial freedom in retirement

An independent Equity Release and Later Life Mortgage Adviser, such as Cullen Financial Services Ltd, with extensive knowledge and experience of placing mortgages for more mature borrowers, can quickly review the market with you, and identify the most suitable product for you together with a competitive rate that is based on a whole of market review. The increased number of lenders and revised lending criteria mean that there are often a range of options therefore pinpointing the pros and cons of each and a balanced recommendation provided for you gives you peace of mind going forward.
Your next steps:

1. Get out details of your current mortgage and additional borrowings, as well as an outline of your plan going forward, be that refinancing, gifting to grandchildren or splashing out on a big holiday
2. Call Cullen Financial Services Ltd for an initial conversation, free of charge
3. They will review your current situation and objectives to understand how to best advise you going forward
4. They will make a recommendation and will deal with all of the paperwork for you