Equity Release Schemes - An Overview
Created: Tuesday, 01 December 2015 13:18
Many people approaching retirement age or already in retirement find themselves in a situation where they are in need of extra capital funds. It could be for home improvements, house purchase, supporting family members with their own house deposits, holidays, helping with pension shortfalls or just to make life a little more comfortable.
There are options of releasing some of the equity tied up in your property to help.
Equity Release Schemes exist where you can take a loan that is secured on your home. This is not a decision to be taken lightly, as although it can appear an attractive proposition, there is much to consider. However, more and more senior citizens these days are turning to equity release to ease their worries.
What Equity Release options exist? There are 2 types of Equity release schemes:- lifetime mortgages and Home reversion.
Here we will look at the basics of what each of these entails.
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