Accessing the wealth locked in your home
Life doesn’t always go to plan. Medical emergencies, legal difficulties and other unexpected costs can throw off your grand retirement plans and leave you struggling to pay the bills, let alone maintaining your lifestyle as you age. And when this happens, what can you do? Downsizing isn’t always a solution and going back to work may not be an option.
Thankfully, there’s a way to access the wealth locked in your home when you need it most – with a home equity release solution. There are two types of equity release products – reverse mortgages, which involve borrowing money using the equity in your home, and home reversion schemes, which involve selling a portion of the equity in your home. It may sound like a daunting prospect, but a home equity release product shouldn’t be seen as the last resort. Here are four reasons why:
1. Your home is your best asset
More and more Aussies consider themselves as asset-rich but cash-poor, although this doesn’t need to be the case. A home equity release can provide you with the funds to supplement your current retirement income, cover home maintenance or renovations, pay for medical treatments or secure an aged care accommodation loan.
2. Downsizing isn’t always an option
The solution for some retirees’ financial woes may be downsizing, but for others, this simply isn’t an option. Whether it’s the mere thought of selling the family home, the inconvenience of moving to an unfamiliar area (potentially away from loved ones, transport links and medical facilities) or difficulty finding alternative accommodation, sometimes it’s best to stay home. A home equity release solution can provide you with the necessary funds to do just that.
3. You want to age in your home
It’s generally a lot cheaper – and a lot more comfortable – to remain in your own home as you age. With the money gained from a home equity release product, you can make all the necessary alterations (e.g. safety handles, ramps, stair climbers) to your home to make it suitable and safe as you become older, or perhaps even hire a carer to make life a little easier.
4. You want to remain independent
As we age, the dream is to be self-reliant and completely financially independent. Borrowing money from friends or family might seem like a good short-term solution, but further down the road, it can cause serious tension in your relationships and may leave you in even more debt than you had to begin with. A home equity release solution takes away any financial burden from your loved ones and simply gives you access to the wealth you already have.
Homesafe Wealth Release is the only debt-free solution to allow older Australian homeowners access to the wealth they already have, by selling a share of the future sales proceeds of their home while still remaining as the owner on the Title and retaining full use of their home.
“The Homesafe equity release product was designed to enable senior homeowners to access the wealth tied up in their homes by selling a share of the future sale proceeds of their home,” explains Homesafe General Manager Dianne Shepherd. “In essence, rather than down-sizing and selling their home today as a whole asset, with Homesafe the homeowner can sell a part of their home today, and stay living in the family home until they choose to sell and move.”
To find out how Homesafe Wealth Release can help you, click here.
THIS IS SPONSORED CONTENT BROUGHT TO YOU IN CONJUNCTION WITH HOMESAFE.