Getting older doesn’t mean that life stops. If anything, you feel less guilty about all of the things that you actually want to do. If you spend your entire life doing everything for everyone, you’re going to eventually feel used up and ready to quit completely. There’s a better life out there that doesn’t involve burnout and additional stress.

What about tapping into a 55 plus equity release UK program? This would allow you to really add some new activities to your golden years and create the retirement that you’ve always wanted. Of course, if you aren’t aware of what the program actually entails, don’t worry — we have you covered.

You see, an equity release scheme works on the equity that’s already locked up in your home. If you’ve been paying on your home for years and years, you definitely want to be able to tap into this equity when you need it most right? Absolutely! You can get a loan that doesn’t have to be repaid until you either move to a long term care facility, or in the event of your death. The asset would then be sold in order to get the proceeds to cover the loan itself. Your heirs would not get the home, but you would be able to leave other items of your estate to them. Just the bare property would be placed into the scheme — all of your possessions would not be counted towards the scheme payout.

This works best for homeowners that have paid their homes completely off, but there are some release scheme programs that do allow you to carry some type of debt on the home, but not very much.

There are some fees involved, so you will want to get a full fee breakdown before you commit to anything. Otherwise it wouldn’t work out for you — there wouldn’t be enough information.

If you have a spouse currently that also has interest in the home, you will definitely want to make sure that you discuss things with them. You don’t want to try to make any type of heavy financial decision on your own. In addition, they will need to sign all forms before the monies can be disbursed to you. That just makes it even more important to talk things out. Either way, good luck with your decision to increase the quality of life you receive in your retirement years!

By Jasmina