Yours Retirement Services
...and make the most of your retirement years
The total amount of debt held by the over-65s is approximately £65 billion and expected to grow to reach a whopping £142 billion within the next decade.*
This means four in ten Britons over the age of 55 will still have debt in retirement, including outstanding mortgages, overdrafts and a quarter are likely to have credit card debts.*
REAL LIFE STORY
The Fitzgeralds
Key customers Ninette and Paul Fitzgerald found themselves with an unmanageable amount of debt. Ninette has worked as a nurse for the past 50 years and her husband, Paul, is a self-employed carpenter. They both plan to retire in the next couple of years. When they realised their interestonly mortgage was due to mature, they developed concerns. At the time of taking out their mortgage, they thought they would be able to pay it off. Not only this, they found themselves
with £25,000 worth of credit card debts. Ninette explains, “We tried to pay the minimum, but they just don’t go down in a drastic manner. “The interest rate is so high, you never seem to get to the bottom. “As the years went by, it was getting nearer to the end of our mortgage term. It was a stressful time; not only was I worrying about how we were going to pay off our £75,000 interest-only mortgage but also a significant amount of credit card debt. “Equity release was the answer. It allowed us to stay in our home and pay off the mortgage along with our credit card debts.” You could use some of your housing wealth to settle debts carried into retirement. A lifetime mortgage, the most popular type of equity release plan, allows homeowners aged between 55 and 95 to release tax-free cash from the value of their home. Like a traditional mortgage, it’s a loan secured against your home. You should always think carefully before securing a loan against your property. Equity release will reduce the value of your estate and may affect your entitlement to means tested benefits.
Request your FREE Yours guide to unlocking the cash from your home, produced in partnership with independent equity release specialist Key Retirement.