News

Oct 20

Equity Release can relieve the burden of debts and mortgages in retirement

Around a third of the retired population are suffering the burden of a mortgage and/or other debts. Thankfully, for homeowners aged 55 plus, there’s a solution, says equity release specialist Geoff Charles.

A Lifetime Mortgage involves releasing cash locked into a property so that it can be used to pay off a mortgage and/or debt leaving the homeowner free from monthly repayments, whilst staying in and retaining full ownership of their home.

“Lifetime Mortage is Safe Option for Consolidating Debt”

Geoff Charles, Managing Director of Bower Retirement Services, feels strongly that a lifetime mortgage is a safe option well worth considering for those who are retired and wish to relieve themselves of the burden of debt, and he says they could even enjoy additional cash to improve their standard of living using one of these plans. But he is quick to explain everything that needs to be considered:

“In Depth Service Promise means Alternatives are Considered”

“Part of our in depth service promise and the fact that we are independent means that we always look at alternatives when investigating ways to consolidate loans or pay off a mortgage and we make it clear that using a Lifetime Mortgage results in previously unsecured debt becoming secured on a property,” says Geoff, and he continues: “However, these plans often turn out to be the appropriate financial solution for clearing a mortgage and/or debt, and they can even provide additional cash to spend on the more enjoyable things in life, like holidays, leisure and the family.”

Bower Retirement Services is a Financial Services Authority regulated independent financial advice company that offers specialist advice on equity release throughout the south of England. For more information e-mail info@brsequity.co.uk or call 0800 4118668. Bower Retirement Services offers a free, no obligation initial consultation to homeowners considering Equity Release.