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Equity Release And Retirement Planning
07/07/2010
Many pensioners are finding it hard to meet day-to-day living costs despite having saved towards there retirement throughout their working lives. Retirement planning is accounting for less and less given the current economic environment of rising energy and food costs.
To prevent these issues, many retirees are turning to equity release schemes to release money from their properties to supplement their pension pots.
A home reversion plan enables homeowners to sell all or part of their property to a specialist provider and in return receive a monthly income or lump sum payment, whilst also enabling them to remain in their home until they move or die.
A lifetime mortgage enables the homeowner to retain the ownership of the property, money is withdrawn from the value of the property by the mortgage provider being repaid when the house is eventually sold.
This shows how equity release is becoming a key element of retirement planning for many individuals who want to increase their retirement income.
Homeowners aged over 55 years who would like to know how much money the value of their property could release to help with their retirement planning can find out by contacting therightequityrelease.co.uk for equity release advice.
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