Why you don’t need to rely on a lottery win to ease retirement worries
Just a few weeks ago the Euromillions prize fund was a staggering £157million. While it doesn’t hurt to fantasise about such a windfall, it is a worrying fact that nowadays many people are almost relying on a lottery win to afford a comfortable retirement.
There are number of obstacles preventing people from a financially secure retirement:
- Interest-only mortgages
- Credit card and loan debt
- The rising cost of living
- Falling annuity rates
- A historic low Bank of England base rate.
However there is a solution which certainly beats the odds of scooping the Euromillions jackpot – a one in 76,275,360 chance.
Equity release allows a homeowner to unlock some of the capital tied up in their property whilst retaining the right to live there.
Equity can be released in several ways; one of the most popular equity release plans is a drawdown mortgage which allows the homeowner to gradually release smaller sums of equity as and when they require. Alternatively a homeowner can opt to receive the entire lump sum in one transaction.
Equity release, however, is not something that is done on a whim like buying a lottery ticket. It is a significant financial decision, one that requires the assistance of not only a specialist financial adviser but a legal professional too, such as Goldsmith Williams.
As a founding member of the Equity Release Solicitor Alliance (ERSA), Goldsmith Williams can help explain the legal nature and implications of an equity release plan, ensuring you are fully informed before signing on the dotted line.
Content correct at time of publication