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Retirement Guide

Equity release

One way of raising the money to purchase a home abroad is via Equity Release. What this really means is that a company will advance part of a property’s value in return for a share of the proceeds when the owner dies. Reputable Equity Release schemes guarantee that the owner will be able to continue to use the property until their death.

This can appear to be the ideal solution for raising funds. However, there are terms that may vary from one company to another and it should be noted:

• There may well be fees and costs attached to the raising of Equity Release.

• There may be a minimum sum below which the lender won’t go.

• A minimum age of 55-60 is required by most lender companies

• Ask if there is a maximum amount available in the loan. This could be around 60%.

• It is essential you own your home.

• Ask if there early repayment costs.

UK retirement property

It is certainly worth noting that should living abroad prove too difficult/expensive or through illness, there are some exceptionally good retirement complexes in the UK. Some are simply developments where residents live as they would in a small village but quite often with a resident’s committee controlling the maintenance of the common parts. Some have a manager who comes in daily to ensure that the development runs smoothly (the manager is quite often left in overall charge by the construction company).

Others are warden controlled and there are alarm facilities for use in an emergency. Lastly, there are developments/retirement homes where there is a full-time staff which can provide dining facilities and some nursing. Should a resident become seriously unwell, however, they will often be taken to a hospital and then a nursing home.

The cost of buying a retirement property varies, obviously, depending on the level of service offered and the size of the property. However, generally the prices are comparable to a similar property outside a development.

And finally...

In all the excitement about thinking of a moving to a new country, stop for a moment and think the unthinkable: what happens if, after you’ve made the move, you don’t actually like living there? What about if there is such a change in circumstances that mean you have to move back? Do you have the funds to afford to move back to the UK and to purchase a new home? All circumstances vary and it’s important to seek professional advice before you make any commitments. Ask yourself the right questions now and you can be sure to enjoy the time you’ve been planning for years to come.


More pages

Page 1: Introduction
Page 2: Retiring to an EU country
Page 3: Portugal
Page 4: Equity release

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