Equity Release is helping “Silver Splitters” during emotionally challenging times

Divorce in later Life Equity Release is helping “Silver Splitters” during emotionally challenging times

I have recently heard the phrase “Silver Splitter” for the first time, then I realised that we have many clients who are in fact divorcing in later life and therefore are silver splitters.

Getting divorced at any stage of life is always a challenging time. Divorces among couples aged 55+ are on the increase over the last ten years, according to recent data from the Office of National statistics.

Emotions at these times are understandably high and the process can feel complex and alien. For older couples who may have been married for many decades, these issues can feel magnified even further when having to unravel decades of later life finances and assets.

Reports also show that there is a gender divide when splitting the couple’s wealth and women in particular face financial hardship after divorce.

Often the family home is the most valuable asset for division on divorce and will either need to be sold or transferred to one party and the other bought out to allow for both parties to be rehomed. This again can be an emotional wrench if having to sell and move from a much loved home.

Many Clients are turning to Equity Release as a solution to ease their financial burdens. Income at this time is likely to reduce and this, along with age restrictions, may make a traditional mortgage an unviable option.

What does the Equity Release solution look like?

The solution is limitless. Equity Release can be used to help one party stay in the matrimonial home and release funds to buy the other out or it can help both parties purchase new homes.

It can help provide a drawdown income or lump sum to reduce financial burdens and improve retirement lifestyle.  There are options around making interest repayments or rolling up interest.

At The Equity Release Lady, we provide an outstanding, client-focused service, driven to empower women navigating their later-life lending options, through the empowerment, education and support provided by our female advisors.

Our mission is to ensure that our Clients are completely confident and satisfied with the product that meets their individual needs and requirements.

Please contact The Equity Release Lady if you would like our support and advice.

https://theequityreleaselady.co.uk/