Spend Their Inheritance With Equity Release

Every time my parents book a holiday I accuse them of spending my inheritance. This may sound selfish but it's my brother and sisters inheritance too. Both of my parents are retired, they're both in good health and are likely to live for many years to come. If their current habit of two holidays a year continues they'll have completely spent up and wont even be able to afford a bucket when the time comes to kick it! 

To be honest I don't blame them. They've both worked since the day they left school aged fourteen. They've put all their time and effort into bringing up their children, put clothes on our back and food on the table, given us a proper holiday every year and spent a small fortune on Christmas and birthday presents. Now they've retired surely it's their time to live a little... or a lot! They've been to the USA, India, Germany, Austria, The Med on more occasions than I care to remember and cruising around Australia and New Zealand. If they ever run short, they can always use equity release to spend the money tied up in their house.

The fact is there are a lot of retired couple in a worst financial state than my parents. Some are struggling to pay bills and living on a tight budget when they sho9uld be spending their final year without such worries. What many fail to consider is the thousands of pounds which are tied up in the value of their house. Equity release is nothing new and thanks to the internet, it's never been easier.

Using an online equity release calculator can help you weigh up a variety of options which many be available to you. For example, you could release some of the equity as a lump sum if you need a new car or a new roof, or like my parents you just fancy an extravagant foreign holiday. Another option is to release equity as a monthly income to supplement your pension. After all the years you've spent paying into your house it's time your house started to pay something back.

Have a chat with a financial advisor to discuss the various options available through equity release, and also discuss any potential pitfalls. Use an online equity release calculator to see what kind of funding you could get from the value of your home, but don't take the figures for granted as they only give an average rather than hard and fast figures. Once you've decided to take advantage of the benefits of releasing the equity from your home, let your children know that you're spending their inheritance!