Retired And Restless What Is Next For You?

Are you going to retire in a few years time and wondering what to do with all your spare time

? Maybe you would like to pursue your dreams that you were unable to fulfil throughout your service, start gardening or travel through the countryside with your better half. The world is your oyster, but that is dependent on whether you have enough savings for all of this. Do you get enough pensions to enjoy your retirement in style? Most people do not have this luxury. Those that have the privilege of living in their own homes have the option to sell the property that they are living in, or giving their property in mortgage. However, this is something that most people are hesitant to do as they are unwilling to lose their only address. A solution for people in this situation is a unique financial product called equity release. In Somerset, Bristol and other areas in UK, this is an excellent solution for elderly people who are looking to get some extra cash. Those requiring the services of equity release in Somerset ought to enlist the services of professional financial advisors in the surrounding area in order to ensure the best financial solution.

So how does equity release in Somerset work? If you own property in old age, it would be difficult for you to sell or enter into a mortgage with that, since you will not have a place to stay. Equity release schemes will ensure that you live in your house till your death, and the company issuing the scheme with you will also provide you money for fulfilling your dreams. Your property will be acquired by the company after your death, to retrieve all the money they have paid to you during your retired life. So you will have your money and a place to stay and the company will be able to sell your property after your death. The company will be able to make a healthy profit of your property due to inflation, yielding them a higher value than its current value today.

There are different types of equity release in Somerset such as home reversion schemes and lifetime mortgages which can be divided into roll up lifetime mortgage or fixed payment lifetime mortgage. With these plans, you can get your money based on certain calculations that include your property value, age and health. It is important to acquire the services of a professional financial advisory company when dealing with equity release, as this is a very important decision.

by: Clarissa Aidan

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