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This site recommends you visit Responsible Equity Release by clicking HERE and use their eligibility calculator to see if you could qualify for a SHIP registered equity release plan.
What is equity release?
Equity release is an agreement between a provider and a homeowner (usually over the age of 60) that allows the homeowner to access some of the value that is stored in their home.
A Lifetime mortgage and home reversion plan are the two main forms of equity release.
It affords the homeowner the chance to withdraw some of the cash that they have put into their home over the years. What's more, as the house is already yours, you do not have to pay tax on the money that you release.
A lifetime of mortgage payments means one's house has usually been their biggest expenditure throughout their life. Equity release is a way in which one can start enjoying this value that they have put in without having to sell up and move.
Click here to read more on SHIP equity release
What can equity release do for you?
Equity release can be used for a number of things and has recently become popular as a realistic form of retirement planning.
With pension funds suffering recent volatility and interest rates at a very low rate, more and more people are turning to property equity release to secure income throughout their retirement.
Others are simply using their biggest asset to enjoy life a little bit more;
Buying new cars to get around in
Purchasing holiday homes
Making home improvements
Buying second homes nearer their family
Either way, equity release can help make ends meet or, if ends already meet, help make one's retirement the enjoyable experience one have always envisioned.
If someone is eligible age-wise for property equity release, chances are that they will be coming up to the age of retirement. As wonderful as retirement is with all that free time, it is often a time of budgeting as the opportunities to make money on top of that which has been set aside are slim. Many rely on the stock market for extra cash but with all the turbulence recently, some people have lost a lot of money.
Besides, pensions are often budgeted before one knows what it is like to have a lot of free time available. During the working life, days out and visits will have been confined to weekends only due to work constraints. Having retired, one may now find themselves wanting to make the most of their freedom and do interesting things during the week too. Of course, this costs money. Which is where equity release fits in.
A retirement is seen as the positive light at the end of the working tunnel. However, some retirees will even suggest that they miss working. When asked to expand on this, it turns out that what they really miss is being active and busy. However, with a set budget coming from the pension, many simply can't afford to keep themselves busy doing things that they value.
Not only is property equity release an easy way to fund an enjoyable retirement, it can be used as a way of looking after your loved ones. Check out the lastest equity release news
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