Retirement should be the time of life when you are able to relax after years of service and hard work. During our working years we save and invest in our retirement hoping that the sum will be enough to get us through. With the increase in the cost of living and the hard financial times we have fallen on, retirement funds are simply not holding on as they once did.
However, there are schemes available specifically to those over 55 which can help make your retirement more comfortable and secure. These are called equity release schemes and this lets you use the funds from a loan against your home as you wish. The loan is repayable when you and your partner pass away or move out.
There are two possible schemes available, home reversion and a lifetime mortgage. A lifetime mortgage is a good option if the idea of building up debt is a deterrent for you. With an only interest lifetime mortgage you only pay the monthly interest so that your debt doesn't grow.
This type of equity release scheme means that you can have a mortgage where you only pay the monthly interest. This scheme is only an option of you can afford to pay those monthly interest rates.
If you cannot then there are other plans available for you. This is a good time to think about your options.