Bring your parents closer to home
If you’re like many people aged 55 to 70, then you’re likely to be under pressure from the generations below you (your adult children and grandchildren), and from the generation above you, your elderly parents.
Naturally, with the pandemic, your concerns for your parents may have taken on a whole new dimension. Therefore, you might want to consider making modifications – either to your home, or to your parents’ home, to improve accessibility and liveability. For example, adding a high spec granny annexe to your property could cost in the region of £50K-£100K. So, you may need to raise some unexpected, previously un-budgeted for money.
Want to find out more about the financial costs associated with supporting older family members? Download our helping parents fact sheet.
View all other reasons to borrow.
How do we stack up?
Here, we have summarised some of the key approaches to raising finance after 55 – looking at sensible borrowing, whether secured through equity release or using unsecured borrowing.
We compare those methods to using your savings and investments or drawing down money from your flexi pension pot.