Are you looking to secure your life post retirement? Do you want to lead a life free from tension and financial worries? If the answer is yes, opting for equity release schemes is the right decision.
As different people have different financial requirements, recent equity release schemes have been designed and developed to cater to your needs. These schemes include home reversion schemes and lifetime mortgages. Roll-up lifetime mortgages are preferred by many people these days.
Features of lifetime mortgages
Lifetime mortgages are especially for those homeowners who are entering retirement. With such a plan, retired homeowners can release equity from their property in the form of a secured loan. The repayment of a loan under this plan takes place after the homeowner has moved into long-term care or after the applicant has passed away.
After opting for a lifetime mortgage, homeowners can continue to live in their residence. This is also applicable when the equity release balance exceeds the value of the property.
The no negative equity guarantee also ensures that no debt over the property value passes to the beneficiary. Therefore, inheritants are given assurance that the no debt is incurred by them from the decision made by their parents.
As the release of equity is completely tax free, applicants can use the money for any purpose they want. Due to all these benefits, more and more retired homeowners opt for equity release to secure their future.Back