Equity Release – A Quick Guide To What You Can Choose And Why
In the United Kingdom, one very popular solution for the over 55 year olds is an equity release option. Equity release consists of various financial solutions with several schemes, mortgage plans and other such financial products that make retirement life easier and more comfortable money wise. It is important to understand that equity release schemes make a very good retirement plan, however, for it to work in your favour; you need to make some right choices and financial decisions. At Future Prospects, we understand that you may not always have the financial acumen to judge your options correctly and make sound decisions that will financially secure your future. Hence, we provide you expert guidance and support.
In simple terms, equity release is a term that is used to denote a financial product that releases money for homeowners who are above 55 years or older and need finances for their retirement living expenses. The amount is released from the equity in the property owned by them and is based on the value of their property. Many people look at equity release as a process by which they are able to unlock the equity in their homes. However, for this to happen, they have to depend upon a few criteria set by the lender. A person can either opt for a lifetime mortgage and get a lump sum amount or opt to receive regular income or opt for a home reversion scheme. In the home reversion scheme, the company will buy all or part of the home and the homeowner receives funds as a lump sum, or as regular income or both.
There are several schemes and tools available to seek the benefits of equity release. However, it is impractical for a homeowner to have complete knowledge and understanding of all the available options and choose one that suits him best. This is the reason why it becomes important to hire a financial advisor or solicitor who can help the homeowner understand the options available to hire and make the right choice. We, at Future Prospects, make sure that you get the right advice and use your home in the best possible manner for your retirement period.
It has been observed that many people heading towards retirement life find themselves in a jinx when they own beautiful homes but fall short of liquid cash to continue to live the kind of lifestyle they want to. For many of these people, equity release can be just the right move to supplement their income or to even pay off any debts that they might have. However, equity release should always be considered as the last option after trying out the other possible solutions.
Help and support are available to the over 55 year olds in several forms in the UK. Financial advisor firms send their executives for a face-to-face meeting so that people understand well and decide what is in their best interest. Make sure that you use their services well and choose what is really preferred considering your financial status.
Read some of our reviews and customer testimonials here.
I was very skeptical about the equity release solution to cover my retirement life. However, when I had a meeting with the executive at Future Prospects, I realized all my fears were overblown. Thanks for helping me undertsand the process well!
By By Bailey Gallagher
I had heard a lot about equity release and how it can help me but I did not understand it completely. I wanted information that I could relate with. Future Prospects helped me understand well what I wanted and how I could use this option. Thank you for helping me make sound financial decision.
By Andrew Stokes
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