How Equity Release can help ‘Silver Splitters’
The Telegraph reports: “The closer you are to retirement, the less time there is to recover financially. Older couples who have paid off the mortgage and are hoping for a comfortable retirement often find their finances thrown into turmoil after a divorce. Two homes with all the associated running costs are needed at a time when savings, investments and pension pots are being halved.
One of the most emotive decisions to make is who, if anyone, will keep the marital home. If neither partner wants to stay, or one can’t afford to buy the other out, the house can be sold and the proceeds split. But there is another option for those who don’t want to sell.
If you are over 55, you can use an equity release product to free up cash and buy out your partner. Equity release allows you to access the capital tied up in your home and the loan is repaid after your death. There are two types of equity-release product: lifetime mortgages and home reversion plans.”