Halifax Retirement Home Plan To Boost Your Retirement Income
The Halifax retirement home plan is something like a total lifetime mortgage which
helps the retiree to unlock all the equity that is present in the property. The income obtained like this is total tax free cash which could be used in buying another property too if you wish. This plan is available only for people who are aged 60 years and above. However, it is an equity release intermediary who will be able to guide you smoothly through the entire process and give appropriate advice too.
With the help of the Halifax retirement home plan calculator the retiree could come to know how much funds he would be getting if he has opted for this plan. There are many such online calculators which will help in finding out the details after entering the necessary information in the mandatory fields. A comparison service too would help get the best rates from the annuity provider.
There are different interest plans to repay the loan that has been availed as a part of the Halifax retirement home plan. And this loan is not expected to be cleared completely too till the person chooses to either sell the property or repay the loan. But, in case of irregular repayments of the loan, the danger of repossession looms large. As every issue has its own positives and negatives, one major drawback here could be that there might be an increase in the value of your property depending on the market conditions and vice versa too.
With this kind of a retirement plan, the chances of interest roll up are minimized and therefore debt is at a constant level which is the main advantage of this kind of a retirement option. But the monthly repayment along with the interest component is what makes it a less attractive option.