Is equity release the solution for retirement funding shortfalls?
Poor pensions provisions, high unemployment rates and around £1.45 trillion personal debt; just a handful of reasons why homeowners are reaching retirement without the required funds and why equity release is increasingly becoming the go-to option to ensure those eagerly awaited golden years are happy and financially sound.
Last year there were over 18,000 equity release cases, a figure which is expected to rise in 2012 as more and more people need to find a means to combat the escalating cost of living.
As money continues to be a growing concern for many of us, equity release is now a very real and tempting solution. Its flexibility means it is suitable for many situations; a one-off lump sum could help to consolidate debts or help a loved one get their foot on the property ladder whilst the drawdown option allows the plan holder to receive a regular monthly income to help ease those ever-increasing energy bills.
With this growing interest in equity release however, it is essential clients are made aware of the full picture from both a financial and legal standpoint.
Whilst many understand the need for financial advice, many are unaware of the importance of seeking legal advice too when considering equity release. Being such a niche area, solicitors have a responsibility to ensure clients are fully protected and understand the legal nature and implications of taking out an equity release plan.
Goldsmith Williams is an equity release legal specialist. With over a decade of experience and as a founding member the Equity Release Solicitors Alliance (ERSA), our team of dedicated equity release professionals will aim to make your equity release experience as straightforward as possible, allowing you to get on with enjoying your retirement.
Content correct at time of publication