Are you facing financial problems due to the credit crunch and the after-effects of the recession? If your answer is yes, then equity release could an ideal solution for you.
Today, many homeowners all across the UK are opting for equity release schemes. This is because these schemes provide tax free cash against the value of your biggest asset – your home.
Equity release is a simple process which helps in unlocking or freeing the funds which are tied up in your property. To qualify for equity release schemes, you have to be above 55 years and own a property which is more than £60,000. You should have little or no mortgage at all & the amount. If you have a mortgage & considering equity release then the mortgage must be repaid with the proceeds of the equity release scheme, or alternative funds if available.
The reason being is that the equity release scheme can be the only secured loan allowed on the property.
The various benefits offered by equity release schemes
One of the best things about these schemes is that they offer a lump sum of money and still allow you to live in your home till it is eventually sold. Once you get the money or regular income from the financial institutions then you can enjoy the benefits, as it offers tax-free cash.
You can spend the money in different ways such as:
- Improve your retirement lifestyle
- Pay medical bills and other outstanding debts
- Buy a new car or a second home.
The repayment will be made after your death by selling your property, so you do not have worry about repaying to the lenders. To make an appropriate decision, obtain the services of an experienced equity release consultant. They will be able to guide you about the different schemes and interest rates available.
All the equity release schemes are planned in such a way that they allow retired individuals to enjoy their retired life peacefully.
To find an independent equity release adviser local to you click here or call 0800 678 5159 & one of our advisers will contact you as soon as possible.