Cornwall Living 2016

Let your home support you

Matt Begley, retirement planning expert at Harris Begley Financial Planning, offers his advice on the best way to release cash from your home.

We all look forward to our retirement years as time to truly relax and enjoy life, devoting more time to our hobbies and time spent with family, as well as improving your home and embarking on those life-long dream adventures – maybe you’ll even take a cruise!

Historically, your retirement would have been funded by your personal and state pension, plus any other applicable state benefits, investments or savings you may have accrued. However, the economic climate over recent years may have put a dent in some of those expectations – the impact of an ageing UK population means that state support can only go so far. However, if you’re a homeowner, aged 55 or over and looking for additional funds, then an Equity Release Plan could be your solution.

Access to funds
The value of most homes has significantly increased over the last few decades, meaning that many people are asset rich through property wealth, but more limited in cash resources. Aviva’s latest research found 69% over-45 homeowners say that their home is worth more than their pensions, savings and investments combined. A house bought in the late 1990s has increased on average by 156% meaning you may have more money tied up in your home than you think.

Peace of mind
“Money worries can become a problem as you approach retirement,” explains Matt. “Supporting your lifestyle and managing credit is no problem when a steady salary is coming in every month – it’s only when the prospect of this income drying up draws closer that the reality begins to hit home. A well-chosen Equity Release scheme can alleviate these worries and pave the way to a comfortable retirement.” A number of options are available, allowing you to raise funds based on the value of your home as a lifetime loan. With some plans you are not even required to pay off any capital or interest at any point during your lifetime. Effectively, the provider of the loan reclaims the capital and any interest gained through the eventual sale of the property, once the final plan-holder dies or moves into long-term care.

Protection for you
“As retirement planning specialists and members of the Equity Release Council, we are there to guide you through the options,” Matt adds. “Of course, there are a number of areas that need to be considered to identify if it’s right for each client and if at any point we don’t feel that Equity Release is suitable, we will advise against it and suggest alternatives.” Equity Release is now considered by many to be as important as their pension when planning retirement and it pays to talk to the experts. Harris Begley Financial Planning can provide you with professional, impartial advice in order to plan a brighter retirement, specifically designed for you.

 HARRIS BEGLEY FINANCIAL PLANNING

The Regent Chapel Street, Penzance TR18 4AE

Office: 01736 366550

Mobile: 07795 144795

www.harrisbegley.co.uk

matt.begley@harrisbegley.co.uk

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