Almost all people dream of living a peaceful and hassle free life after retirement. They hope for economic security and a lot of valuable time to spend with their family. Although the cost of living has increased, pensions remain much the same.
In order to tackle financial problems, many retired homeowners look for other means to generate funds. With house prices staedily rising again, unlocking the equity from one’s property is the best solution to generate income after retirement. Retired homeowners can opt for equity release schemes to boost their cash flow. Home reversion and lifetime mortgages are the two different types of equity release schemes one can opt for.
How equity release schemes are helpful
Equity release schemes help homeowners to unlock the equity that they built in their property while still living in it. Homeowners can get the money in the form of monthly instalments, a tax free lump sum amount or a combination of both.
With lifetime mortgages, homeowners can enjoy residing in their property until they pass away or move into care. After the death of the homeowner, beneficiaries will sell the property to pay off the loan amount. If the value of the property rises, some amount will be given to those named in the will of the homeowner. Due to these advantages, equity release schemes are becoming highly popular among homeowners.
If you are retired, own a property and are over 55 years of age, you can opt for equity release schemes to generate additional income.
For further information on equity release & the different equity release schemes available, please contact Mark Gregory on 0800 678 5159.