Alternatives to Equity release that you should discuss.
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Downsizing: this means selling your current home and moving to something less expensive. This may work but can be expensive, you’ll need to include estate agents’ fees, solicitors fees, stamp duty and moving costs, sometimes you’ll need to redecorate and buy new furniture.
Claiming State Benefits:Most benefits are means tested, this means that if you have over a certain level of income or savings you won’t get anything.
The sorts of benefits available are: Pension credits, savings credits, disability credits, universal credits and council tax relief.
Tracing any old bank or saving accounts: There is estimated to be £15 billion pounds tied up in old pensions, bank accounts and insurance policies.
After 15 years if they aren’t claimed they go to the government.
Try my lost account.org.uk for bank accounts.
Gov.uk/find-lost-pension for pensions.
Uar.co.uk for lost insurance policies, pensions and share dividends (may charge a fee)
Using your savings: A popular way to bridge the income gap, the problem is that interest rates are low giving a poor return on investment and savings are finite, they will run out someday. If you owe money your savings may not be sufficient to pay off your debt.
Dealing with debt:if you have debt issues then you can get help from charities like Step-change who will help you manage a debt repayment plan.
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