Equity Line of Credit

With homeowners facing decades of mortgage repayments, it is increasingly common for those approaching retirement to still owe vast amounts on their property.Unsurprising figures from Bridgewater Equity Release support this revealing that, of those homeowners who release equity from their property, 43% use the tax free cash to pay off the mortgage.The Freedom of Equity ReleaseThe freedom thatequity release gives homeowners is one of the main attractions to over 55s. In retirement, disposable income usually becomes stretched, so repaying a mortgage on top of covering day to day expenses can leave some retirees extremely strapped for cash.But, as the figures from Bridgewater Equity Release show, more and more people are releasing thousands of pounds worth of equity from their ppi judicial review outcome home and putting themselves in a much stronger financial position during retirement. On top of the 43% who use equity release to pay off the mortgage, 27% said that they used their money to consolidate other exisitng debts.Homeowners worried about reaching retirement with debts and mortgages still hanging over their head should talk to anequity release adviser to see whether they are eligible for a lifetime mortgage or home reversion plan and find out which is best suited to their needs.With the cost of living rising, dwindling savings and low interest rates,equity release could be a very real option as retirement approaches.Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.

Income Investing Tips for Boomers…… and why they can’t do as their parents didBy Jason WhitbyQuestion to the Boomers; “How did your parents invest their retirement nest egg?”  The common perception is that they only spent the interest and dividends while never touching the principal.  Perhaps this explains why so many boomers are trying this strategy.  After all, if it worked for the Greatest Generation why can’t it work for you?  Why Boomer’s retirement is different from their parents. Much Longer RetirementMany in the Greatest Generation worked as long as they could and very few were fortunate enough to have a retirement that would be considered golden’ by today’s standards.  How many spent the last 1/3 of their lives pursuing hobbies and leisure instead of working?  Yet boomers retiring in their 60′s can expect to live about 30 years in retirement which is a lot longer than their parents. Mis Sold PPI  Higher ExpectationsNot considering tours of duty in Europe or the Pacific, how many of the greatest generation traveled through Europe or visited the Far East?  They were depression era babies who practiced frugality and continued to pinch pennies throughout retirement.  In stark contrasts, Boomers want their retirement to include travel, vacation homes, new cars, dining out, etc.  This is fine, but it is expensive.  Therefore boomers need to plan for a much more expensive retirement than their parents. Personal Savings instead of PensionsThe greatest generation might have had a lower per capita income but many also had corporate pensions.  Boomers wanted higher salaries, freedom to change employers and the ability to save independently.  Corporate pensions were largely phased out giving way to the 401(K).   However, when given the option, most Boomers didn’t start saving enough or early enough.

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