Are you overlooking your biggest financial asset?

FREE Daily Mail guide to unlocking the cash from your home

The income that people anticipate they’ll need after giving up their day job is £12,590 a year*. But in reality, with the state pension providing each retiree an income of just over £6,000 per year, many people are approaching retirement facing an income shortfall. Financial worries in retirement

Maybe you are one of the one million retirees who still have a mortgage to pay off or worst still, have an interest-only mortgage which is due to end shortly and have no way of paying it off. You may have credit card debts or a loan still to clear. Have you thought about how you will meet these monthly repayments on what may already be a stretched pension income?

Meeting unforeseen expenses

With a portion of monthly income being used to service mortgage debt, this is leaving many little in the way of surplus funds with which to meet those costly expenses that inevitably arise, such as replacing a car, or paying for major household repairs. Furthermore, ambitions such as helping a younger relative onto the property ladder may be completely out of reach.

Your home could help

For millions of homeowners their biggest and most successful investment is their home, yet many don’t realise they could tap into its value and access tax-free cash. With the average value of a house in the UK more than tripling over the past 20 years**, the key to your financial security in retirement could lie in your bricks and mortar. While downsizing may be one option, an equity release plan could enable you to unlock some of the cash in your home without having to move.

Access the cash in your home

The most popular type of equity release plan is a lifetime mortgage and the tax-free cash released is yours to spend however you like. With a lifetime mortgage the loan is secured against your home, interest rates can be fixed for life and there are typically no monthly payments to make. So, you can enjoy your retirement without having to worry how you’re going to fund it.

Independent advice is important

There are many equity release plans on the market so it’s important to seek impartial expert advice. Mail Finance has partnered with Key Retirement, the UK’s No.1 independent equity release specialist. Take advantage of a free no-obligation consultation in the comfort of your own home. Your local adviser will get to know you and discuss any alternative options – if equity release is not right for you, they will tell you.