Once you get closer to retired life, you may find yourself in dire need of additional sources of income, in order to meet your post-retirement plans (that can be any). Instead of digging the debt hole, a reasonable solution may be to release some cash from the value of your home, while continuing to live there. It is known as equity release. The equity is the proportion that you own – and an equity release is a loan secured against your home and you can turn the bricks and mortar into tax-free money. – According to UK laws, you can get access to the equity release only if your age is 55 years or more and the loan is repaid when you sell the house or die. – In later life, when people have lots of money locked in form of property and have little in form of an income. Thus, equity release is designed for older people. – You can borrow up to 60% of the total value of your home and can obtain the amount in chunks or lump sum cash.
What is Equity Release, How Does it Work and When is it Safe to Avail?
