When you have suffered with poor health you’ve probably not thought of the financial benefits this adverse health could bring you. The most important part is that you recover and can lead a life restored to full and good health. However, chronic conditions are now a way of life and you could benefit from your health conditions when it comes to preparing for your equity release plan.
The advantage over your poor health is that you can gain substantial increases based on the value of your home combined with a number of conditions that many people suffer as they age. Medical knowledge has increased over the years and health conditions such as Type 2 diabetes is now a common condition that can shorten life expectancy and is more often than not experienced by people who are in their twilight years. This condition also may require medical intervention and this chronic condition alone can reduce life expectancy as it can lead to other problems particularly in elderly people.
There is also the increased risk of heart problems and cancer is now rated that one in three of us will suffer from this disease during our lifetime. Equity release providers have now considered that while we may as a race, live longer, there are many conditions that affect mortality ages that are known about and these conditions can maximise your retirement funds immensely. It is estimated that some 60% of people could be entitled to enhanced equity release yet are unaware of this or that they simply want to face their own mortality.
If you have at any point in your life suffered with poor health, then you could be entitled to more money when it comes to taking out a lifetime mortgage plan and the initial lump sum could be higher than a standard plan which is based on a healthy person living well into their eighties. You could still live into your eighties, even with a chronic and eligible poor health condition, but it makes financial sense to be able to withdraw and financially benefit because poor health has stalked you either currently or in the past. You may not want to admit it or face it, but it is in your financial interests to do so for your benefit and to make your twilight years somewhat easier. It will also benefit your family in that you can plan for long-term care should your health deteriorate in your retirement.