An increasing number of people reaching retirement age in the UK are considering some form of equity release on their homes as a means of funding their retirement and allowing for a better quality of life once they stop working.
This usually involves homeowners over 55 years of age opting for equity release on some of their property’s value without needing to move. The money released can be spent on whatever the property owner chooses, but there are disadavantages, the chief one being that, while it is possible to borrow part of the value of your property, the accumulation of interest will invariably sap money from the remaining worth of your home.
Also, many people reaching retirement age may not want to remain in their house. Perhaps it has become too large for their needs requiring significant maintentance and upkeep, maybe it has stairs rather than being on one level, perhaps you no longer wish to live the the same area and would prefer to move to somewhere quieter with a better quality of life.
There is another option. Sell the home that’s outgrown you in an area you may no longer wish to live in and use some of the capital to buy a luxury residential park lodge - and bank the balance of the money to fund a better quality of life in your retirement. There are many advantages to this approach including:
- Enjoying a luxury lifestyle in a bespoke residential park lodge
- Living in an stunning rural location with a far better quality of life
- Having spare capital to fund activities such as holidays, a new car or an annual cruise in your retirement.
Living in a residential park home also dramatically reduces your cost of living, especially with the well-insulated modern park homes we offer. 99.9% of park homes also fall into Council Tax Band A - yet another advantage!
Mossband Park in Dumfries and Galloway, South West Scotland, has so many advantages over other residential parks in other, busier areas of the UK.
