Equity release schemes allow aged homeowners to get some amount of cash against the value of their property. If you are facing financial problems and your pension is not enough then equity release is a perfect solution for you. By opting for equity release, you can convert the value of your property into cash.
The amount which you can get for your property will be based on your age, the current market value of your home minus outstanding debts.
To qualify for equity release schemes, you have to fulfill certain requirements such as:
- The youngest homeowner should be over 55
- The value of the property must be £60,000 or more
- You should have no or very little in the way of outstanding loans on the property
If you have decided to go for equity release then you must consider the types such as home reversion plans and lifetime mortgages. Under both schemes, you can release some amount of money and continue living in the property for the rest of your life.
Additional benefits of home equity release schemes
Once you have applied for equity release then you can either get a lump sum of money or regular income. The best thing about this money is that it is tax-free. There are many people who buy a second home, a car, repay outstanding debts or go on holiday. Improve your retirement and live frugally with equity release schemes.
Ring 0800 678 5159 today to receive your free initial consultation from an equity release expert.