Today, many people in the UK are suffering from financial difficulties as the austerity measures taken by the latest government kick into play.
These measures are also going to affect many retired individuals who cannot manage on their pensions and limited savings. If you are 55 or over and own a property then there more assistance available in retirement because you can now consider an equity release scheme. By opting for equity release schemes, you can simply unlock money against the value of your property.
Due to people having different financial requirements, two types of equity release schemes have been introduced onto the market – lifetime mortgages and home reversion plans. You can choose either of these schemes and enjoy various benefits such as:
- Tax free cash – One of the best things about equity release schemes is that they offer tax-free money against the value of your home. This means that you can use this cash in different ways such as to buy a second home, repay debts, buy a car or go on a luxury holiday or regular day trips.
- Receipt of cash payment – Once you qualify for equity release then you can receive money in different ways. You can ask for a lump sum of money or regular income. There are people who also opt for both.
- No need to leave your home – Unlike other mortgage plans or loans, you do not have to leave or sell your home to unlock equity. The rules and regulations set by the FSA (Financial Services Authority) allow homeowners to live in their homes for the rest of their lives. Home reversion plans can also allow the homeowners to leave some property value for their family.
For further information on the schemes available then why not download or request the free Guide To Equity Release from the Equity Release Supermarket website. Please click here to request your own brochure.