Equity release schemes offer the opportunity for retired people to gain cash from their property without selling it. You can get cash by using the value in your home. This amount can be received as monthly instalments or as a lump sum.
Who can benefit from equity release schemes?
Equity release schemes are becoming popular these days and they can be utilised in different ways. They are especially beneficial to retired individuals who have little source of income or low disposable incomes due to monthly commitments. The economic crisis has made everyone alert and people want to spend their money wisely. All their lives they have worked hard and saved for their old age, but they are not able to live a comfortable life because of recent financial issues. These include the effects of inflation or due to poor performance of their investments such as pensions or low cost endowment policies that were to meant to repay their mortgages.
Fulfil your dreams with equity release schemes
An equity release scheme can be a perfect option for retired individuals to meet their daily needs comfortably. They can also realise their dreams with the help of an equity release scheme. Some people may desire to go on a long holiday or want to buy a new home for their children. An equity release scheme is the perfect solution to accomplish these dreams. The cash that you get from an equity release scheme can be spent in different ways.
Considerations before opting for equity release schemes
When you are considering taking up an equity release scheme, you have to look into certain factors before signing any papers. You have to be the owner of the property to apply for an equity release scheme. All previous loan & mortgage balances must be cleared before the equity release scheme commences. Your property will be evaluated in detail by the lender & must be at least £70,000 in value. Age is also a determinant in deciding the amount of equity you get. The older you are, the higher the amount of equity you can receive. You should be of minimum of 55 years of age to be a claimant.