Launching a startup isn’t the exclusive preserve of precocious moguls like Mark Zuckerberg.
Many enterprising over 50s are becoming entrepreneurs — according to Age UK, there are more than twice as many people starting a business aged 65 or over today than there were five years ago.
Some olderpreneurs have ample savings for their plans, but it’s more of a struggle for those without the wherewithal.
For the latter group, equity release can provide a solution.
If you’re over 55 and have little or nothing left to pay on your mortgage, it allows you to unlock some of the value in your property.
The most common schemes are lifetime mortgages that let you to take out a loan on your property in exchange for a one-off lump sum or regular installments as and when required. You can either make repayments regularly or roll over interest until the loan is repaid when you pass away or move into care.
It’s best to seek financial advice before choosing this option — but if it sounds interesting, here are two business boosts from equity release funds.
Starting a streamlined web-based business might mean there’s no need to splash cash renting an expensive office — you can run a remote team from the comfort of your own home.
But if you don’t have a dedicated space, domestic distractions can make you lose focus.
So creating a bespoke home office is a brilliant way to invest windfall cash — and a rare yet legitimate reason to refurbish a room to your taste without seeking permission from other household members.
Locating it in a room with a view is recommended as staring at a wall isn’t conducive to creativity. But if this isn’t possible, ample artificial lighting and a lively colour scheme can boost your mood.
And don’t forget the basics like an elegant ergonomic chair and quality pc or laptop, while a sit-stand desk provides the option of working in a healthy upright position for a portion of the day.
If you’re embarking on any type of business that involves deliveries, your family car probably isn’t suitable.
And if you share a vehicle with your better half, they might not be best pleased if you’re always using it to tend to customers.
So spending cash on a new van is an astute way to advance your business and maintain household harmony.
Safety comes first, so choose a model with features like emergency brake distribution and driver alertness warnings.
And make sure the load compartment is large enough to cope with your products and optimal fuel consumption helps you save cash at the petrol station.
If these business investments get your brain ticking, using an equity release calculator allows you to roughly calculate how much cash a lifetime mortgage might free up.
And if the result’s more positive than you predicted, business opportunities may multiply accordingly.