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Equity Release Schemes – Understanding The Concept

By Mark Gregory on January 29th, 2011

Equity release schemes are fast gaining popularity these days. These schemes are basically methods which allow you to release some of the equity in your property.

Equity release is a great proposition for anyone who is above 50 years of age who has financial worries. It can also help those individuals who want to secure their lives post-retirement. Equity release also allows individuals to capitalise on the amount invested in their property.

 

How do you know you qualify for the scheme?

If you are above 50 years old and own a property of your own you may be entitled to release some of its equity. You should always consult experts such as financial consultants before proceeding with an equity release scheme so you know the risks involved.

 

Why should you choose an equity release scheme?

The answer to this question varies from individual to individual. Usually, people need extra money to continue to live a suitable standard. Some people release equity to help their children or families. On the other hand, some people choose an equity release scheme to keep up with their monthly heating or food bills or other day-to-day expenses.

 

Irrespective of the reason for taking out an equity release plan; individuals should always consult a financial consultant or advisor.

 

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