Equity Release - What can Get You the Max of Your House

Equity Release - What can Get You the Max of Your House

Equity release is one of the much used and popular terms in the economy of the UK. The term is often synonymous with reverse mortgage in the USA. Home reversion and lifetime mortgage are the other terms associated with this economic or financial concept. It refers to an indirect way of making use of one's residential property when one's personal finance cripples and crumples. A piece of residential property, be it a single flat or a building, ensures regular income on monthly basis through the release of its equity. Therefore, the UK's retired citizens ride the wave of equity property release.

Do you know your house is a piggybank? A real estate property accumulates equity value just as the piggybank stores money. The more time passes, the more the property's equity value increases. By tapping into the accrued market equity value of your property, you can dig out cash for a smooth and comfortable living as long as the span of your life. Thus, equity property release comes to the rescue of homeowners after their retirement. Or, you can extract a lump sum from the piggybank of your house by means of equity release and that too is tax free.

An equity property release programme has the potential of a reverse mortgage for the owners whose residential properties carry tons of weight in terms of equity value. It is also useful for those who are not willing to leave behind their properties for any of the family members. Many senior citizens use the cash flow from their property to enjoy life in full swing after retirement. Buying a new car, travelling and having a relaxed lifestyle are the things-to-do on their wishlist, with equity release of the properties after retirement.

You can get the max of your house in terms of cash value, only if the property is in good condition. To qualify for an equity property release programme, the property must be your own and the responsibility for its upkeep too is yours. The owner's age is an unavoidable factor for consideration. Being of a certain age that is 55 years, you are eligible for this financial freedom. In case of lifetime mortgages, lenders happily meet the cash needs of the eligible homeowners as the property itself retains security for the lenders. Taking care of the house from the heady days can get you the most of the house by means of equity release.

You don't need to burden yourself with the thought of how to repay the a rel="nofollow" onclick="javascript:_gaq.push(['_trackPageview', '/outgoing/article_exit_link']);" href="http://www.therightequityrelease.co.uk/">equity release loan borrowed against the equity value of your home. The lender will retrieve the loan money from by selling the home after your demise. The picture of home reversion is different from that of lifetime mortgages. With home reversion, no need to keep the entire property as security for an equity property release loan as in case of lifetime mortgages. You can sell a part of your home to a home reversion company. Get an agreement of the company to retain your ownership of the home. These are the basics of equity home release.

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