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Understanding your options before making a decision
Later-life financial decisions are often long-term and can affect your home, your finances and your family. It's important to understand the options available - and the potential risks - before making any decisions.
LaterLifeFinanceGuide.co.uk provides clear, independent information to help you understand options such as equity release, retirement interest-only mortgages and alternative. We do not provide financial advice or recommend products. Our role is to help you understand your options first, before deciding whether to speak with a regulated adviser.
Your later-life financial options
There is more than one way to approach later-life finances. Understanding the differences can help you decide which option may - or may not - be right for you
Equity Release
Allows homeowners aged 55 or over to access money from their home while continuing to live there. It can be suitable in some circumstances, but its a long-term decision that may affect inheritance.
Retirement Interest-Only Mortgages
A mortgage designed for older borrower where you make monthly interest payments. The loan is typically repaid later in life, subject to lender criteria and income requirements.
Downsizing
Selling your current home and moving to a smaller or less expensive property can release money and reduce ongoing costs, without taking on new borrowing.
Using Savings or Pensions
In some situations, using existing savings or pension income may be an alternative to borrowing, depending on your wider financial position and plans.
Not sure where to start?
It's completely normal to feel unsure when considering later-life financial options.
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Everyone's circumstances are different, and the right approach often depends on your home, income, age and long-term plans. Understanding your options first can help you decide whether speaking to a regulated adviser is the right next step for you.
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