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Kirk Rice Blog

Equity Release – Is Early Retirement Possible?Written on December 5, 2023 by Kirk Rice LLP

Equity Release – Is Early Retirement Possible?

With interest rates high, people are finding that their interest only mortgages are becoming less and less affordable, and saving money to pay these off is becoming harder by the day. With the cost of living crisis reducing how far your money goes, could Equity Release provide you a way to go debt free now, allowing you to retire earlier than planned?

When Mrs F examined her most recent mortgage statement and realised she was looking at another 14 years of the same job to which she had dedicated 40 years of her life to pay off her mortgage, she had an epiphany. The idea of retiring at the age of 74, chained to monthly mortgage payments, didn’t sit well with her. Life was too fleeting, and she yearned to break free from the financial shackles that bound her to her lifelong job and expensive monthly expenses.

‘I was intrigued by the idea of tapping into my home’s equity to settle the mortgage, but wanted to make sure that I had control of how much I owed.’

The prospect of unlocking equity from her property resonated with Mrs. F. She realised that the money she wanted and needed was dormant in her home.

‘I needed to get organised. All that money was sitting in my property, doing nothing.’

Upon seeking advice, Mrs. F found a plan that allowed her to make manageable monthly payments on a Lifetime Mortgage that aligned with her financial requirements. This approach might even leave her with more funds in her property when the plan concluded.

With the release of the funds, Mrs. F successfully paid off her existing mortgage. This newfound financial freedom granted her the liberty to retire comfortably at age 66, a far cry from her previous outlook of retiring at 74. Additionally, she utilised some of the released equity to tackle much-needed home renovations and treat herself to a new car.

If you would like to discuss whether equity release is an option for you or require any other financial planning assistance, please email info@kirkrice.co.uk to arrange a call with one of our Financial Planners or Mortgage Advisors. Kirk Rice offers a free no, obligation first meeting and fees and costs of work involved would be discussed. We do not carry out any work without your consent and agreement to fees.

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