Equity release - financial assistance for rising age of retirement

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by: Janet Stone
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Word Count: 541
Date: Fri, 6 May 2011 Time: 2:00 AM

Many people who are still working think that retirement is bliss as they can get money in the form of pension without the need to work. Besides, they can relax and be far away from the office-related work. The retired person would also get to spend time with their beloved partner, family and even friends. However, it is not as blissful as you think because not all companies offer a good amount of pension. After recession, it has become very difficult for the retired to meet their basic necessities of day to day life. Luckily, there is a solution, equity release plan. It is considered to be the best financial assistance for the aged homeowners as they can easily maintain their minimum needs to survive by releasing equity of their residential property for cash. In order to find the most appropriate financial arrangement, equity release calculator is available, helping the retired individuals. Most of them, who have a property to release for case, look up on the World Wide Web to find the best calculator, wherein they can compare the options and select the best deal from the comfort of their homes.

If you are worried about the retirement age affecting you and your income, then have you considered equity release? A way in which you can release cash locked up in your home to spend as you wish.

There are currently three types of equity release schemes; Lifetime Mortgages, Drawdown Lifetime Mortgages and Home Reversion Plans. All three schemes vary in their features so it is important that you contact an independent financial adviser to find out which type of scheme suits you.

With an equity release plan you can spend the money how and when you wish with popular choices including;

• Home and garden improvements,

• Paying off bills or outstanding debts,

• Holiday and travel,

• Treating family members or friends,

• Generating income for day-to-day living,

• Paying for a special occasion or celebration,

• Paying for medical or residential care.

Equity release is a big financial move that shouldn’t be taken lightly; however there are easy ways you can find information and advice trough the simple clicks of a mouse.

Firstly you can use an equity release calculator to find out how much you may be able to release from your home. An equity release calculator works on the basis of your age and property value. In seconds you can find out how much you may be able to release. There are also equity release plans available which take into account your health and lifestyle so speak to an independent adviser today to find out more.

If equity release is to be your next move then make sure that you consider plans that offer the following guarantees:

1. A no-negative equity guarantee, so you can never owe more than the value of your home,

2. The right to remain in your home for as long as you choose,

3. The freedom to move to another property without financial penalty (subject to criteria).

About the Author

Rachael Niklas is the author of this article on Equity Release. Find more information on Equity Release Calculator here.

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