Equity release schemes are specially designed to help homeowners who want to release some amount of cash against their properties. If you are retired and your pension is not enough to meet all your expenses then equity release is can be of benefit under the right circumstances. By opting for these schemes, you can get a lump sum release from the equity tied up in your home.
Today, different equity release schemes have been introduced by financial institutions to fulfill several requirements. Leading companies in this field are Aviva, Just Retirement, LV=, Hodge Lifetime, more2life, Bridgewater & Home & Capital.
Home reversion plans – By opting for these schemes, you can sell all or a part of your home for cash. The lenders receive their money by selling the property after you pass on or move into care. You can live rent free in the property with the aid of a lifetime tenancy provided by the home reversion company.
Lifetime mortgages – Under this equity release scheme, you can release cash without worrying about the repayments. Interest is rolled up which needs to be paid at the end of the scheme. The money is paid to the lender by selling the property. The best thing about this equity release scheme is that it allows you to live in your home for the rest of your life.
Of the above mentioned options, you can choose the one which suits your financial requirements. Both the equity release schemes offer tax –free money which can be used in several ways such as for home improvements, buying a second home or paying off outstanding debts. Many people also go on a holiday with their family and friends with this money.
If you have decided to apply for an equity release scheme then employ the services of a independent equity release adviser who will help you in making the right decision.
All Equity Release Supermarket’s financial advisers are qualified with the appropriate licenses to enable you to receive advice. To speak to one of the advisers click here.
Alternatively, you can ring 0800 678 5159 to discuss your requirements further.