Equity release is a financial product offered to retired homeowners who require a means of releasing equity to meet their requirements in life. For individuals who depend partly on pensions to meet their financial requirements, equity release may be a considered option to address any income shortfalls that may exist.

This is where  new equity release schemes will allow people in their old age to enjoy life without any financial difficulties.

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If you are over 55 years of age & looking for a solution to meet your financial needs, you should seriously consider equity release schemes. When planning to opt for equity release, it is worth seeking independent professional advice. Depending on your requirements, these qualified professionals such as Equity Release Supermarket, will be able to help you to get the best deal from the range of lenders at their disposal.

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The equity release scheme enables you to get the exact amount you require, dependent upon your age & current assets. The amount that you will get through equity release will depend mainly on the age of the youngest applicant, valuation & the present condition of your property. This is why it is important to keep your property in good condition.

If your home is in an inappropriate condition, lenders may impose conditions on completion. This could range from a retention of some of the release until the specified jobs have been completed. Other lenders may not even proceed to completion until all work has been carried out. Finally, some equity release companies may not even insist works get carried out at all & can be lenient dependent upon the case proposition.

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To enjoy a larger sum of money during your retirement, it is important to keep your property maintained. With equity release schemes, you can get the amount as a lump sum, via drawdown  or in the form of a monthly pension.  If you want to live a luxurious and comfortable life in your old age, an equity release scheme would be an ideal solution to opt for.

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To discuss your equity release options, please call Equity Release Supermarket on 0800 7839652

After retirement, from both a financial and individual standpoint, achieving a comfortable retirement is a process that requires good planning and many years of saving. For anyone who retires with insufficient pension, they will hardly find any solution out there. This is when equity release can be the best solution to generate income.

An increasing number of elderly people are now opting for equity release schemes due to the many advantages it offers. Equity release allows individuals to free up a considerable value locked in their property. By opting for equity release, retired people can easily improve their standard of living.

Who is eligible for equity release schemes?

Retired individuals over 55 years of age are the best candidate for equity release schemes. If you are looking for an extra source of income after retirement, equity release can help you unlock the value of your home while still residing in. When opting for equity release scheme, you must ensure that you know all the facts and information related to it.

Home reversion and lifetime mortgages are two options you can go for. Lifetime mortgages are appropriate for the ones who have already passed retirement age and unable to raise capital via other sources. Presently, lifetime mortgages are one of the popular equity release schemes that help individuals access the amount of money from the value of their home in the form of mortgage.

When looking for the best means to generate income during your old age, equity release schemes are the best options to go for.

More and more people have started enquiring about equity release schemes. The growing popularity of equity release schemes is no surprise since the rate of returns on savings, therefore income produced for pensioners, has become considerably low.

People save throughout their lives to spend their old age in comfort. People rely on their savings for their future. With the low returns, it has become difficult for retired people to survive on just their savings.

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Traditional mortgages

Though retired individuals may have money locked in their property, this cannot alwys be unlocked using the conventional mortgage route. The traditional mortgage route requires the potential borrower to confirm affordability and have a consistent programme for repayments to the mortgage. This can be very difficult, as the majority of people’s income could solely be the state pension. On its own this would not justify supporting a mortgage & therfore it is only people with additional occupational or private pensions that can support a mortgage in retirement.

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Equity release is a windfall

Equity release has proven to be a benefit to all those individuals aged above 55 to generate cash from their property, without having to sell it. Though this may seem attractive, subscribing for an equity release scheme should not be done without proper research.

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Typically, there are two types of equity release scheme; reversion schemes and lifetime mortgages.

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Lifetime mortgages

With a lifetime mortgage, the borrower is not required to pay monthly instalments. Instead, the interest charged gets rolled up on the sum taken on loan and can be repaid when the property is old off after the owner’s death.

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Home Reversion schemes

With a home reversion scheme, the owner is required to sell off part or all of their property to the ‘reversion’ company to get cash in return.

Equity release is a beneficial way of getting attractive cash benefits using your assets, but thorough research should be done to understand the potential benefits and limitations.

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Please contact the Equity Release Supermarket team on 0800 783 9652 to get independent equity release advice from one of the leading financial companies in the market.