An equity release scheme is one of the best solutions for elderly people who want to generate income after their retirement. The option of equity release allows homeowners to unlock the equity they have built up in their property over the years. The property that you possess is usually your most expensive asset.
Most people invest their hard-earned money in to their homes. At times when you face financial troubles, especially during your old age, equity release is the perfect solution to generate extra income from your property. This scheme is only available for those who are over age 55. Maybe someone who is in receipt of a pension and hence find it difficult to afford the luxury they used to enjoy previously.
The increasing popularity of equity release
In the recent past, equity release schemes have gained immense popularity due to the many advantages they offer. One of the most important advantages of an equity release scheme is that it enables homeowners to reside in their home without making any repayments.
With an equity release scheme, the homeowner will receive a share of the current value of their property. After the homeowner passes away, the equity release company will recover the loan amount & interest on the eventual sale of the property.
Most equity release companies will offer you with two different options to release money against your property. You can either opt for monthly payments or get a lump sum amount. If you feel both schemes can benefit you, then you can even get a combination of both. However, if you are unable to determine the best option for you, taking professional help is the best solution.
To find a local Equity Release Supermarket adviser near to you click here or ring freephone 0800 678 5159.