subject: Encourage Older Relatives to take Financial Advice this Winter [print this page] Encourage Older Relatives to take Financial Advice this Winter
Making sure elderly relatives are warm and healthy during this bitingly cold winter is vital.
If you can, pop round to see them regularly. They may well need help, but don't like to ask. Perhaps their house is cold because they are afraid of getting a heating bill they cannot afford? Maybe their boiler or heating system has seen better days, or their old windows are draughty?
In some cases, they may well qualify for a home improvement grant, or it may be that they are not claiming all the benefits to which they're entitled. It could even be that they are not putting the money they have got to best use.
Financial Advice in Retirement could be a Life Saver
Important then to put them in touch with someone who specialises infinancial advice in retirement; someone who will check all of these things and advise them on the best course of action for their needs.
If it's the case that a grant isn't a viable option, or despite all entitlements being claimed, there is still not enough money to make home improvements or pay the bills, another route could beequity release.
By releasing some of the cash locked into their property, a new heating system, replacement windows, and enough money to cover the additional winter fuel bills could become readily available. And it will never mean they lose their home, providing a SHIPequity release plan is used.
Make sure your older relatives don't suffer unnecessarily this winter. Help them explore all the options available, includingequity release.
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.
