Equity release can make a bleak winter warmer
There are fears that as many as three million elderly people may be unable to heat their homes properly this winter following the latest increases in energy prices.
Public Health England (PHE) recommend living room temperatures should be kept at 21C/70F while bedroom temperatures should be no lower than 18C/64F. However following the recent price hikes, the average annual combined electricity and gas bill is now £1,267, a figure which is simply beyond the reach of many households, particularly cash-poor retirees.
Richard Espley, Head of Equity Release, offers a possible solution:
“With older homeowners at risk of endangering their health by being subjected to cold weather, it is essential something is done to support those in need. Yet despite being unable to justify the increase in energy prices, it would appear that exorbitant prices are here to stay.
“We have produced a helpful infographic to ‘weather-proof your home this winter’. While these tips can help to make your property more energy efficient, there is only so much they can do when temperatures plummet.
“Older homeowners may consider downsizing their property. This could not only free up some collateral but also mean they have a smaller house to heat. This, of course, is not a quick process and can create a great deal of stress – not only from the move itself but also the emotional upheaval of leaving behind the family home.
“Equity release allows a homeowner to utilise some of the funds tied up in their property whilst retaining the right to live there and could offer many homeowners a future way to warm up their winter.”
Content correct at time of publication