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Equity Release – Freedom From Financial Worries

By Mark Gregory on September 22nd, 2010

Your property is your biggest asset. As the cost of property in the UK is steadily rising again, equity release schemes can help you release some of the equity you have built up in your property.

‘Equity‘ is defined as the difference between the property valuation less any mortgage that is secured on your home.

 

An equity release scheme is helpful for retired homeowners who live on pensions but are unable to meet their daily expenses. Additionally, people who have adequate incomes may still struggle to pay for life’s little luxuries & equity release can also help here.

 

If you are a retired pensioner and desire to spend the rest of your life without any type of financial worries, equity release can be a feasible option. An equity release scheme saves you from the worry of any monthly repayments during old age as the loan is only repaid once the property is sold after you pass away or move into care.

 

Take professional help to ease the complete procedure

Home reversion and lifetime mortgages are the two different equity release schemes you can choose from. As these plans involve many different companies who in turn may have different schemes, you must take professional help to determine the most feasible option to suit your requirements.

When opting for an equity release scheme, you need to consider different factors such as welfare and tax benefits and the inheritance value of your property against the amount you get by releasing the equity. Limits are imposed by the Pensions Service on how much you are allowed to keep in savings before any benefits are affected. Currently you can keep £10,000 in savings before there is any effect on means tested benefits such as pension credit & savings pension credit.

 

By taking professional help from equity release specialists, you can clear all your doubts about different equity release schemes. Advisers will also make sure that the process goes smoothly without any hassles. If you are looking forward to spend your retirement without any financial worries, equity release could be the best option for you.

 

To ascertain which equity release plan is suitable for your requirements please contact Mark Gregory on 0800 678 5159 or email mark@equityreleasesupermarket.co.uk

 

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