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Can Equity Release Benefit Your Retirement Years
11/05/2010
Can Equity Release benefit your retirement years?
If you are heading towards retirement age, own your own property and are looking for a way of generating some income, you are actually living in the best and easiest source of income! Your home can provide you with the income you need. Think of it as selling part or all of your home without having to give it up, you retain full ownership of the property, so the Equity Release company cannot ask you to move out until you decide to sell.
What are the advantages?
If you don’t have any other source of income to look after those daily living costs, Equity Release is a safe method of generating that cash flow for you.
You can spend the money on whatever you choose, e.g. credit card bills, home renovations, future holidays, helping children get onto the housing ladder, to name but a few.
You can opt for a lump sum or arrange to have a ‘draw-down’ facility which will give you smaller amounts when you choose.
The important points to remember is there is no monthly payment to pay and the interest charged is a fixed rate for the life of the loan. The loan is also portable, allowing you to transfer the loan to a new property.
Deciding if Equity Release is right for you is an important decision and one of the benefits of receiving independent Equity Release Advice is without question. Fortunately consultations with specialist advisers are available without any cost to you and will give you and your family all the information you need to make that important decision.
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