It is all too common a problem… debts mounting and not enough pension income to pay them off. It can seem like there is no way out.
One solution often used in these circumstances is to unlock value from your property using equity release. This could allow you to take a lump sum of cash and repay a mortgage, credit card or other loan but it is not without its risks. This is why it is so important to take regulated financial advice from someone with a specialist qualification in equity release.
Your financial adviser can help guide you through important considerations like whether it is appropriate to convert an unsecured loan into a secured loan, whether you might be better negotiating with your creditors, the implications of falling back into debt again and whether there are alternatives that might be better than equity release. They may even be able to help you find out if you could qualify for state benefits to help.
If you think that equity release might be a solution for you, the first thing you should do is find an authorised, qualified and regulated financial adviser who can guide you through all of the pros and cons