Release House Equity Schemes: Things You Must Know

And here, the property-owner can opt for a tax-free lump sum, a regular income or both, with no restrictions on how the owner uses the money. Now, this means, one can use the received money for anything and is tax free. One can use it for home-improvements, holidays, repaying existing mortgage, reducing inheritance tax, pension planning or moving to a better home.  Isn’t it great?However, one needs to fulfill certain conditions to quality for release house equity schemes, which are as follows:•    One needs to be at least 55 years old•    Must be an owner of a home, either freehold or with 75 years or more remaining on your lease  •    It really helps if your property is not of unusual construction  •    Must repay any currently outstanding mortgage from the cash released Process in Brief:•    Decide whether you should take out a release house equity scheme? Consult professional equity release advisers for the same.  •    Decide if you want a lump sum, income or both.  •    Check with the state benefits agency to see if the plan will affect your eligibility for these benefits •    If you need money for home improvement purposes, there may be other options available, such as a local authority grant  •    Talk to your family members and make things clear with them  •    Appoint a legal adviser  Once the interested home-owner is done with the above-mentioned steps, an independent valuation is carried out on the property. Next comes the turn of legal-document completion and after this, the money is paid to the solicitor. However, a lot of planning and market-research should go in, before one says yes for a Release Equity scheme.55+ Equity Release offers uncompromising quality of services to every client, when it comes to Release House Equity schemes.