Equity Release Plan – A Complete Overview

In plain English, an equity release plan is for the homeowners who want some benefits from the value of their homes. And under the plan, there is no need to move out of homes. Yes, it is that good especially for the retired people with limited sources of income or earnings. One may have a tax free lump sum, a regular income or both without moving out of his/her home. Also there is no restriction on how you use the money received under the plan. So, you can go out with the money and buy a new car for yourself or plan a holiday. Great! Isn’t it?

Now when it comes to types of equity release plan, they can be divided between Lifetime Mortgage and Home Reversion. Both the plans have their own set of advantages and disadvantages. And therefore one needs to choose the one which fits his/her needs in the best way. A Lifetime Mortgage is a loan which you get against the value of your home. You may receive a lump sum, regular income or both. A Home Reversion Plan, on the other hand, involves selling the whole or just a part interest in the home to a private lender. The private company in this transaction is also known as a reversion company. So you need to choose the one which meets your requirements.It is best to hire the services of a professional equity release specialist who could help you choose the best plan. At present, there are many companies out there which offer expert advice at very competitive fees. The only thing you need to do is go online and search for such companies and contact a reliable and professional one. It is easy and simple.Word of Caution – Although there are n numbers of companies out there in the market, it is a good idea to rely on a professional and experienced one. Having an experienced professional on your side always helps.Go Online – Almost all equity release plan advisors have their online portals. So, it is a good idea to go online and search for them. Compare their services and then, opt for the one which offers you the best. Easy! Isn’t it? So, what are you waiting for? Just go ahead and choose an ideal plan for yourself and live a worry-free life. Now, there is no need to live life with compromises.At 55 Plus Equity Release, we are fully independent professional Equity Release Plan specialists in Lancashire, London, Manchester, South East and UK.