Pension issues affect everyone in the UK. For many retired Britons, these issues are all too real since they face them on a daily basis. However, they are able to live on a small pension and their limited savings. Many of them live on property that is worth a lot of money. In England and Wales, the average price of a home is £167,423.
Pension issues affect everyone in the UK. For many
retired Britons, these issues are all too real since they face them on a daily
basis. However, they are able to live on a small pension and their limited savings.
Many of them live on property that is worth a lot of money. In England and
Wales, the average price of a home is £167,423.
An equity release plan or lifetime mortgage is a home
income plan. It’s a way of releasing cash. You can use it to pay for home
improvements, buy a car, pay for holidays or simply make your everyday life
more comfortable. These plans allow you to borrow money against your home’s
value. Your debt is repaid when your home sales after your death.
How Does Equity Release Work?
This plan may be complicated and it’s a major step for most people. For many,
their home is their most expensive asset. Plus, it’s your home. It’s important
to get good advice. You’ll want an Independent Financial Adviser (IFA) to look
over your finances to see if this is the right avenue for you.
Equity Release Plans are Appealing
• You get a lump sum, perhaps a regular income, sometimes both. Your lump sum
may be several thousands of pounds. You may receive even a hundred pounds a
month or more.
• The money released from the principle value is tax free.
• To unlock equity, you don’t have to sell your home.
• These plans are legal and can even be used to give children or grandchildren
money for their own property.
• You can use them to pay off bills.
Equity Release Calculator
Equity release calculators help you to see if you qualify for this program.
They allow you to see how much you’ll be able to release from the home. The
calculator is easy to use. First you have to fill out the form for the equity
release calculator. Be sure not to leave anything
blank. Here are the requirements to qualify for the program.
• Be between the ages 55-95
• Be a homeowner in the UK
• Your home must be worth over £50,000
After the form has been completed, you’ll hit the calculate button and receive
your results.
Going this route may not suite you, sometimes it doesn’t suite everyone.
However, it’s worth checking out, especially if you can’t raise the funds you
need from other sources. This may be the option for you.
