Using equity release to clear your debts

By Carrie Ann on

Most people have an idyllic idea about retirement. It means taking it easy, having the time to do the things you’ve always wanted to, and relaxing, free from the stresses of having to work hard for a living.

For many people, however, the reality is not as rosy. Due to a number of different factors, more and more people are now finding they experience financial difficulties when they retire. The number of retirees who still have debts hanging around their necks once they have stopped bringing in a regular wage is growing.

How to clear debts is obviously a concern for plenty of pensioners. With a dwindling income and limited savings, many older people find they struggle to pay for their everyday needs, let alone any luxuries. Paying off credit cards and loans can be a real problem when you no longer have a reasonable income to rely on.

So what is the answer? Well, there is one way you can clear debts by using something you already own – and we’re not talking about selling your family heirlooms at a car boot sale, either.

If you own your own home, you could be eligible to sign up for an equity release scheme, which will free up the money currently locked into your house. Under equity release, you remain living in your home, whilst releasing some of the cash you paid out to buy it in the first place & also the tremendous gains in house prices that many have experienced over the past few decades.

This money can be used for whatever you want – paying off your credit cards, store cards or loans, for instance. Whatever you have left can be used for holidays, home improvements or buying a new car – it really is up to you.

There are many ways that equity release can be taken to suit these requirements, hence it’s important you received independent equity release advice.

How to clear debts you owe is a concern for many people. Equity release could offer you the solution you need.

Categorised in: Equity Release
This post was written by Carrie Ann