Equity release schemes are becoming more popular in these increasingly difficult financial times. These days many people can find that their original plans for retirement are no longer effective.
This may be because their pensions did not perform as well as expected or they simply did not save enough money to meet the high costs of modern living. This can mean that despite a lifetime of saving some people may still not have enough money in retirement to do the things they want. The great thing about equity release schemes is that they enable people to unlock the cash value of their properties.
Unlock the Value of Your Home
Many people have seen the value of their homes increase dramatically over the years. This can mean you own a valuable asset that could dramatically boost your savings and retirement income. However you don’t have to sell your home and move out to access this potential cash.
Equity release schemes work buy effectively buying your house from you in return for a lump sum or a regular income.
You will still be able to live in your home until you die and only then it will return to the hands of your equity release company.
In the meantime you will be able to spend the lump sum you have received (or the income) on whatever you want.
Many people use equity release schemes to boost their funds during retirement so that they can live the lifestyle they want.
Some people also release the equity from their homes in order to cover expenses such as home improvements or special once-in-a-lifetime holidays.
Equity release schemes can also provide a valuable way to gain access to large sums of money in emergency situations.
You may need to pay for medical bills or meet other unexpected expenses that cannot be covered by your pension or savings.
Whatever reason you decide to opt for equity release schemes you do need to make sure you get plenty of advice. You can get equity release schemes support from specialist retirement advisors and independent financial advisors. These professionals will be able to talk over the available schemes with you and help you find the right option for your circumstances.
Equity release schemes can offer a practical way for you to increase your retirement funds or access cash in emergency situations. With these schemes you will be able to unlock the capital from your home when you need it.