You maybe aware of the term equity release? Equity release is becoming more commonplace with people over the age of 55. However, some individuals are still unaware about the features of these particular schemes.
The following are frequently asked questions appertaining to equity release:
1What is equity release?
It is a mortgage scheme that is designed for the benefit of retired or older citizens. Equity is best described as the value of the home devoid of any outstanding mortgage. With the equity release scheme, you can release some amount of equity which is tied up in your property, in the form of a tax free lump sum.
2Why should I opt for equity release?
Equity release schemes will provide you with accessible cash. You might receive this as a lump sum amount or in a monthly installment format. People have the freedom of spending their money in any way they want or choose. For instance, you are free to spend the money on holidays or paying off debts. In addition, you have the choice of staying in your home for the rest of your life.
3Will I require professional advice?
If you have decided to opt for this particular scheme then it is advisable that you get professional advice prior to making major decisions. Contact a professional and skilled advisor who has been in this field for a few years. Such advisors will guide you through the different equity options and make recommendations accordingly. The equity release advisor will also explain the entire process in simple understandable terms.
Consider advice from Equity Release Supermarket to discuss your options on the many different equity release schemes in order to secure your future.