Equity release can offer assistance to retirees who find that their debts keep getting in the way of the retirement they had imagined, Home & Capital has said.
Molly Knight was looking forward to a financially problem-free life when she retired from the NHS, but found that her pre-existing debts were proving to be an obstacle.
Her interest only mortgage was a drain on her pension, and she had to take out a personal loan to cover some unforeseen expenses, which left the retiree struggling to make ends meet.
She turned to equity release provider Home & Capital, to see if releasing cash from her home could help her out of the situation, and provide a lifestyle closer to that which she had hoped for when she retired.
After deciding that equity release was suitable for her requirements and circumstances, Miss Knight took out a partial home reversion scheme from Home & Capital, whereby just some of the value of her home was unlocked.
This was sufficient to clear her debts and even meant there was enough left over to redecorate her home, go on holiday, and keep some money aside for emergencies.
"I am very grateful for the advice I received." Miss Knight commented. "Since then, not only have I been coping very adequately but I am now actually saving money regularly - and still going on exotic holidays! I have just paid for a Caribbean Cruise with a friend, something I have always wanted to do!"
Nigel Hare-Scott, sales director at Home & Capital equity release, said: "As time goes by, living within your means gets much tougher for those in retirement.
"Pension incomes diminish consistently in real terms but the cost of everyday needs increases steadily as you grow older. A personalised equity release plan can offer a light at the end of the tunnel, allowing you to live your retirement as you imagined it, without worrying about how to make ends meet."
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