Retirement brings insecure financial condition from it as the pension that’s received post retirement is hardly sufficient to satisfy all the family expenses. Therefore you will find there’s requirement for an extra income which when together with the pension received will encourage the retirees to take care of a good quality of life and lead a tension free life. The best option is retirement equity release. However, there are some eligibility criteria that the borrower needs to satisfy, they are: ownership of your property and eligible age. The eligible age considered by almost all of the lenders is 55 years.
retirement equity release protects the retirees from facing financial disaster post retirement since they give a certain amount of cash towards the retirees instead of their residence. The best part regarding retirement equity release is that you can take care of the ownership of your dwelling and remain in your house until your last breath. There is no need to pay back the total amount furnished by the equity release providers simply because they will recover the quantity of money by selling your house after your death. If you are planning to look at a retirement equity release scheme then it’s better to seek expert advice as to which scheme is suitable in your case.
Once the house is sold, the balance of the loan could be repaid. It can also be repaid in the event the home owner decides to maneuver to the long term care homes. In case in the other scheme, i.e. the house reversion scheme, you have to blog url sell the home on the equity release company in trade of your one time payment amount or a fixed instalment amount. But it also implies that don’t need to vacate the premises of the property. Instead you can continue to remain in the home premises for as long as you wish against a nominal payment of rent. When the exact property gets sold eventually, the equity release company will take away his share of the proceeds and pay for the remaining balance to you or your heir and beneficiaries.