Equity release schemes are getting media attention, which is causing more homeowners to really look into them a bit more. So if you’re concerned about equity release schemes, you will definitely want to tune in to this article.
First and foremost, 55 plus equity release uk is a reality. By that we mean that you can pursue these programs when you are 55 years of age or older. Some people find that 55 is the perfect age to look into equity release schemes, because the house is usually already paid off. You just have to figure out where you’re going and how you’re going to handle your situation.
The lifetime mortgage allows you to tap into a lump sum that doesn’t need to be repaid by you. You will still have the right to live in your home, and really enjoy your retirement. Think about it from the right perspective, and you’ll actually see that it makes sense. If you are truly worried about having enough money to comfortably enjoy the rest of your life, this is definitely the scheme that you need to look into.
But which one is truly right for you? Well, it depends on the way you need the money. If you’re looking for a lump sum that you can portion out any way you like, the lifetime mortgage is definitely the best way to go. On the other hand, if you would prefer to drawdown your payments when you need them, you may wish to look into a drawdown lifetime mortgage.
There are a lot of options out there, and every equity release program has their own rules set up. So if you are interested in this scheme, you will want to look into each company you run across as well.
Qualification is very straightforward, giving you the power to know right off the bat if you’ve been approved or not.
Don’t buy into the urban myths about equity release. You aren’t going to be kicked out of your home or forced to hide the fact that you’re in this equity release scheme from your family. On the contrary — lenders want to make sure that your family is on board and they are aware how this will affect the estate at large. Honesty truly is the best policy, so make sure that you look into this great way to make the golden years even more golden. Good luck!