Brentwood, United Kingdom (PressExposure) September 16, 2009 -- Equity release is a way of releasing tax free cash from a property to allow a regular income, emergency savings fund or lump sum to spend on anything from home improvements to holidays. It is safe, providing a Safe Home Incomes Plans (SHIP) product is used and professional independent financial advice is taken.
Geoff Charles, Equity Release Specialist and Managing Director of Bower Retirement Services (http://www.brsequity.co.uk), says: âItâs becoming harder to meet basic living costs in retirement, let alone fund home improvements or holidays.â
âFinancial Options for a Better Standard of Living in Retirementâ
Quoting recent research by the Financial Services Authority (FSA) showing that almost one third of people will face financial problems when they reach retirement, Geoff continues: âOur job is to help those that are already there and struggling financially by giving them independent financial advice on the options available that will improve their standard of living. There are a number of these options and we thoroughly explore them all with our customers before they make any decisions.â
Those facing financial worries in retirement could consider moving to a less expensive property, unlocking investments, taking out a traditional mortgage or ensuring they are claiming their full entitlement to means tested benefits; something that is commonly not the case.
âThousands missing out on Benefitsâ
Geoff Charles explains: âA Department for Works and Pensions survey recently documented that some 10% of pensioners across the UK are not claiming their full benefits entitlement. Whatâs more, in one of the areas covered by my company - Barking and Dagenham â it is reckoned that around 3,000 retired people could be missing out on the benefits to which they are entitled.â
Benefits entitlement is something that the team of independent financial advisers at Bower Retirement Services fully address when advising their customers. âWe do this to the extent that we give customers an extensive Means Tested Benefits Entitlement Report on top of our substantial 15-page Financial Planning and Recommendation Report. This way, we can ensure that each and every avenue is explored so that the customer can make a fully informed decision,â says Geoff.