Equity Release For Over 55s
There are many people who have property assets but don't have enough cash. The problem of low cash at a later age is becoming even more evident with the ongoing political and economical changes affecting the out of cash available from pensions. Many elderly people are having to look at alternative ways to raise cash.
If you are over the age of 55 and need to raise some capital fast then equity release for over 55s is a good way to start. Equity release schemes help you convert the equity that is in a home into cash. Equity release for over 55s is increasingly being used by people who are not choosing to leave behind any money for their children because their children may already be financially secure. More and more people are choosing to add extra finances to their later life for a variety of reasons. If you're homeowner with a little or no mortgage needing extra cash then equity release maybe the right option for you.
Money raised from equity release schemes is normally tax-free. The cash can be paid out to you either in a lump sum or in regular monthly payments.
Equity release for over 55 can be used to raise money for a wide variety of reasons. Some of these reasons can include:
- funding for an investment to make more money
- home improvement
- clearing any outstanding debt to make a fresh start
- - raising extra money for your family and children to get them financially secure before you die as opposed to having to wait until your death
- funding the day-to-day necessities of life
- raising finance for more holidays to enjoy a better quality of life
- adding more money to make up for any shortfalls in your pension
- or raising money for any other personal reasons
There are different equity release plans that help you convert the equity in your home into real cash. Two of the more commonly known plans include a lifetime mortgage and the home reversion plan. There are also other plans that can be offered to help you meet your financial goals. If you choose the home reversion plan you will effectively be selling your property to a third party in return for the cash that is made available to you. When a lifetime mortgage plan you are offered cash as a loan. Interest is added onto the long throughout its duration until you die or you are taken into permanent care. In both cases the money that is given out is repaid by the sale of your house after your death or after you vacate the property as a result of you going into permanent care.
To find out more about equity release for over 55s contact us and we will help you decide whether equity release plans are suitable for you. If you qualify for an equity release you will help you decide the type of scheme that may be suitable for you. Contact us and we will be happy to discuss how we can help you release cash from your property