Equity release schemes offer you access to the equity that you have built up in your property which in many cases has escalated significantly since it was originally purchased many years ago.
You may have heard the saying that people in retirement understand the concept of ‘asset rich, but income poor’. This relates to the commonly seen scenario for many retirees during their time of leisure after working lives.
This equity tied up in the property can be released without the need for selling it. They are great financial tools for individuals over 55. With equity release schemes, you can get the money that you have invested in your property while remaining in it. The equity release companies will recover the loan amount once the house is sold after the homeowner(s) has passed away or gone into long term care.
Who can qualify for an equity release scheme?
If you are over 55, not necessarily retired and own a property, you are most likely eligible for an equity release scheme. As there are changes in the financial and legal system from time to time, it is advisable to seek the professional services of an independent equity release adviser such as Equity Release Supermarket who can help you determine the best scheme to meet your requirements.
For what purpose can you use the money?
After opting for an equity release scheme, you can utilise the amount for any purpose you want. Many people during their old age look for tax-free means to access their equity to help their children or relatives purchase a new property. The advantage of this kind of a scheme is that it allows homeowners to stay in their property until the property is sold.
In the past decade, thousands of people in the UK have opted for equity release schemes to fulfil their needs after retirement. If you are retired and unable to cope with daily expenses on your pension, equity release is the perfect solution.
If you feel one of the experienced Equity Release Supermarket advisers could be of assistance to your retirement needs, please contact them on 0800 678 5159. They are always on hand to take your enquiry & provide either face to face or telephone based advice to suit your requirements.