The Best Alternatives to Equity Release
Debt is a vicious cycle that many people find themselves in. If you are one of the unfortunate souls who has been sucked into this world of never-ending payments, then you might be looking for alternatives to equity release.
Rent Out Your Home: If you are one of the unlucky people with a home worth less than what you owe in mortgage, then renting out your home could be an excellent alternative. You would still have to make payments on your property taxes and homeowners insurance, but that is better than making costly monthly payments for years or decades more! Plus if someone rents from you, they will pay the cost of maintaining and cleaning up after themselves.
This means renters could easily cover the mortgages all by themselves without having to give any money upfront. If you get creative and are okay with the idea of living in a home that is not your own, then this could be an excellent chance to break free from debt.
Move To A Lower Cost Of Living Area: If paying your bills on time seems impossible no matter what you do, then it might just be worth considering moving! The biggest downside here is that many people have jobs where they cannot move elsewhere without sacrificing their careers or income potentials; however, there are other opportunities to take advantage of this. For example, older adults may be able to retire in a lower cost-of-living area and then spend their time volunteering or working part-time for the income they need.
This is also not an option for people who have children attending school that don’t want to move; unless you’re willing to homeschool your kids! But if you are open minded about relocating, lowering costs can change everything.