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Advantages of Equity Release
22/12/2010
People used to buy a house to live in and paid the mortgage without thinking about the money being built up in the home. Lenders have now made it easier for people to access the money that has been locked away through equity release schemes.
Retirees living on a government pension find life difficult even though they may own their home. To help with daily expenses and may be to some luxuries, there is a scheme which allows access to the equity in their home.
A reverse mortgage is a product where the retirees can access some twenty percent of the value of their property. The money released could be in the form of a tax-free lump sum, or a regular income, or a combination of the two. The loan is repaid when the couple dies or the house is sold and the sum borrowed as well as the interest is paid.
Homeowners aged over 55 years who are looking to increase their retirement income and would like to know how much money the value of their property could release to help, can find out by contacting therightequityrelease.co.uk for equity release advice.
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