Equity release schemes help you out with a stable source for sustenance and an extra bit of cash to spend your old age without financial worries. By availing to this scheme, you do not have to worry after retirement, if your pension is less. If you have property, you can always cash in your hand. By using your property value, you can apply for cash amounts, with the condition, that the amount shall be paid with an equivalent of your property value, after death.
This scheme helps you unlock the money lying frozen in your property. What this scheme does is convert a part of your assets into fluid cash. This cash can then serve your other needs, especially your daily expenses. For all those people who have retired from active service, this is a good option, as it gives them that wee bit extra to run their lives. The best part is that you do not have to worry about your repayment during your lifetime. This saves you the hassles anyone faces due to shortage of funds. As old age can be a harrowing time, equity release is a custom-designed scheme to take care of your needs in your old age.
A few types of schemes you would like to know about are:
Home Reversion : You can sell a share of your home, and upon the sale of property, the company takes its cut of the profits.
Home Income Plan: Here the provider offers you mortgage on your home. And with this mortgage amount, you can buy a lifetime income or annuity. And as the interest accrues from this income, the principal loan amount is repaid from the final sale of property.
Lifetime Mortgage: You can borrow either a lump sum or you can avail to a monthly income and repay all the dues, including the interest on the loan amount, upon sale of the property.
You can apply for the scheme online also, filling out the given entries and you will find many eager providers replying to your application.
