Equity release schemes are beneficial to those who own a property but are deprived of a regular source of income or capital requirements. You can get attractive cash benefits without losing the ownership of your home.
There are different types of equity release schemes available on the market. All are designed to suit different needs. You should receive advice from an independent adviser such as Equity Release Supermarket. They can source the market to find the best deal for your situation & at the same obtain exclusive deals obtained from the array of equity release providers.
With average house prices in the UK being around £167,423, there is large amount of equity that can be utilised to supplement one’s retirement. This average also differs according to the location of the property.
The average cost of London property is currently £413,350 & is over three times more expensive than the average cost of a North Lincolnshire property, which is current the countries lowest at £124,921.
These figures are useful in establishing how much equity could potentially be released around the country. With an equity release scheme, you can use this equity to help improve or maintain your standard of living. There are various other benefits of equity release schemes.
High end purchases
Equity release schemes are not just beneficial to those with reduced retirement income. People who have access to a reasonable pension yet want to make a high end purchase can also benefit from equity release schemes. They may not have access to credit and other options but equity release schemes can fulfil their dreams.
No need to sell property
A major advantage of going for equity release schemes is that the owner is not required to sell their home to get the funds. Most people do not want to compromise their standard of living. The cost of moving into a new home is also high. Consideration should be given to this option as downsizing could be an alternative to equity release. However the costs involved & the stress of moving in retirement can be a severe experience for this age group.
The costs involved would be estate agents fees, Stamp duty, removal costs, solicitors fees etc. There could also be costs once you have moved into the property, such as home improvements including decorating & getting the home to a desirable condition.
Hopefully this has given some food for thought as to soem of the issues surrounding equity release. If you wish to discuss these in more detail please contact Mark at Equity Release Supermarket on 0800 678 5159 or email email@example.com.