Accessing the wealth locked in your home
Over60 native article for Homesafe
Life doesn’t always go to plan. Medical emergencies, legal difficulties and other unexpected costs can throw off your grand retirement plans and leave you struggling to pay the bills, let alone maintaining your lifestyle as you age. And when this happens, what can you do? Downsizing isn’t always a solution and going back to work may not be an option.
Thankfully, there’s a way to access the wealth locked in your home when you need it most – with a home equity release solution. There are two types of equity release products – reverse mortgages, which involve borrowing money using the equity in your home, and home reversion schemes, which involve selling a portion of the equity in your home. It may sound like a daunting prospect, but a home equity release product shouldn’t be seen as the last resort. Here are four reasons why.