Release equity on house – enjoy your retired life

Release equity on house enjoy your retired life

For most people who have worked all their life fulfilling family responsibilities, retirement comes as bliss. It is time to pull down from shelves, the unfulfilled dreams that have remained distant for all these years like gardening or driving. But before you drift to the wonderland of a peaceful life after retirement, just consider these factors: have you saved enough for any unfortunate circumstances that may suddenly crop up like an accident or a hospitalization? Does your pension provide you with enough money to maintain your present lifestyle while fulfilling your dreams? If no, read on.

Many people face a lot of financial problems after their retirement owing to the fact that pension amount have decreased drastically after recession hit the market. Few people who had foreseen such a situation had saved for their future and are well off even with the meager sum of pension. But most common men cannot make such savings while they are still working since there are a number of responsibilities to be handled and taken care off. And hence, after retirement, if and when an unfortunate circumstance arrives like an accident in the family where a lot of money is required, they are at a loss and find themselves borrowing money from friends and relatives or facing house mortgage. If you are one such retired person facing a financial crisis, neither of the above given options will be required if you just opt for equity release.

You have to avail release equity on house. It is somewhat like a mortgage but not entirely so. The biggest difference being that by opting for release equity on house you can still call the house your home, stay there for your whole life and also get monthly payments. You can understand very well that a very important requisite for equity release is that you would have to own a house. The other criteria are that the house should be in good condition and you must be a retired person. The amount you receive for your release equity on house is calculated based on the present valuation of your property. You may wonder what the profit of the company offering such equity release service is. Well, they own your property after your death. But not before they pay the remaining sum of the house to your beneficiaries.

There is a big disadvantage to release equity on house too. You will not be able to leave anything to your inheritors. Hence equity release as an after retirement policy is more suited for people who have no beneficiaries. You can receive the amount in either of the two ways: as monthly installments or as a lump some amount. It is advisable you opt for the former option if you do not need money urgently as accepting a huge amount at once may reduce the value of your house and also since getting a monthly payment will act as a kind of security for you. Get a release equity and enjoy your retired life.

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