The contrast between the busyness of your working life and the idyllic days of doing everything on your own terms in retirement can be massive. Once the phase of family responsibility, child-rearing, climbing the corporate ladder and seeking status passes, you should be left with a world in which you are free to relax and create a space in which you can peacefully exist without worry.
I think most of us dream of our retirement days, where we have a chance to enjoy our passions, engage in hobbies and perhaps, even travel the world but of course, one cannot consider retirement without addressing the elephant in the room – financial stress. How are you expected to exist, never mind build a lifestyle of your choosing, without a regular salary? Sadly for some people, it is a step too far and they'll have to work long into their seventies and maybe even eighties if they want to live comfortably.
However, if you are in the fortunate position of owning your home, the reverse mortgage (also known as equity release) might be a welcome ally in retirement. Let's investigate more about what it is -