Many people around the world have benefited from equity release schemes. Retired individuals make different use of cash they receive from a scheme.
Some common uses of equity schemes are listed below.
Many retired individuals who go for an equity release plan use the cash to go for a long holiday. Retirement is the perfect time to explore the rest of the world. You may want to visit a specific destination but could not do so previously because of finance constraints. Your bricks and mortar can actually pay for your dream holiday.
Home and garden renovation
Many retired individuals who opt for an equity release scheme spend the cash on decorating their home and improving the garden. Most individuals build a conservatory in their home, get a new modular kitchen or landscape their garden. Each of these can also increase the value of your home.
Clear all unsecured debts
Retired individuals who have a large financial burden go for equity release plans to clear off their debts. Monthly payments on loans and credit card payments can strain them financially, leaving less cash for other expenses. Before taking any new loans against their home, they should think carefully about the monthly payments.
Home-owners can use the released cash to help their family or friends. Some may wish to host a grand party for their grandchildren’s arrival or a silver jubilee anniversary party. Funds from equity release plan can be helpful in such times.