knowledge on Equity Property Release and Equity Release Information -
What is Property Equity Release?
Equity Property Release refers to a particular scheme that offers the opportunity to generate income by making use of the cash value of your property. This particular scheme in addition to offering you with an extra income also allows you to live in the house until you die or move.
How Does a Property Equity Release Scheme Work?
This particular scheme offers you a loan against the cash value of your property, either through monthly installments or through one-time payment. After, your death or in cases you move out of the property, the loan providers sell your property as a repayment of the loan. Usually, this scheme does not allow you to leave your estate or property for your heirs.
What are the Checklists of the Scheme?
To avail the benefits of Equity Property Release, you need to fulfill the given criteria –
You must be aged within 55-70
The value of your property must be within £30-40,000
You must be the freeholder of your property
The money that you receive as cash benefit can be used on various purposes. You can choose to indulge in little pleasures of life during your retirement years like, family outing, dining, or shopping. In other alternatives, this money can also be used to pay off your other loans.
Equity Release Information
Equity Release Information helps you gain a comprehensive knowledge about the subject and the terms and conditions attached to the agreement. It is essential on your part to have a clear picture about the financial scheme, as these come with a number of attached risk factors. In addition, it also helps the retirees to be aware of the multiple aspects that are related to the scheme.
