Choose The Right Equity Release Plan For You

by Guest on July 15, 2011

Does your old and weak body no longer allow you to earn a living? Is your life long savings not sufficient for  life after retirement?  Do you find difficulties in finding enough spending money due to expensive medicine? Are your successors avoiding you just to deny their responsibilities towards you?

If all these incidents are happening in your life, then don’t get too worried. You can lead your life as you want during the days of retirement. You just have to apply for equity release to enjoy a tension free retirement life without depending upon your heirs.

Equity release is a kind of plan which helps you to release a certain amount of money locked up behind the valuation of your property without selling it till you die. If you are more than 55 years old and owner of a property, you can apply for releasing equity. There are various kinds of equity release plans available in the market. Before you proceed to purchase one of the plans, you must know about the features properly and decide which one is best for you  according to your financial needs and property conditions.

  • Interest-only mortgages: These plans are good for those who can make a repayment of the loan and want to leave a good amount of interest for their beneficiaries. Here you can borrow a lump sum amount from your property mortgage valuation and depending upon the monthly installment you can repay back the amount.
  • Lifetime mortgages: Here, you get loans against the valuation of your property. Moreover, you don’t have to make your repayment out of the retirement income.
  • Home reversion plans: Through these plans you can mortgage a part of your property to secure a lump sum amount during your retirement.

Clear your doubts about equity release plans and enjoy a stream of income throughout the days of retirement.

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