How to Make Your Retirement More Comfortable With Equity Release
In today’s economy, more and more people are becoming concerned that they have not saved enough for their retirement. But did you know that as a homeowner, you can use equity release scheme to make your retirement more comfortable?
The equity release scheme is fast becoming an important part of retirement planning. This is due to the fact that an equity release lets you raise money or release cash from the equity that has built up in your home. The equity is just the difference between the value of your property and the balance of your mortgage or any other finance you have that is secured on it.
Actually, there are only two types of equity release scheme available in the market. However, you’ll find several variations on each type. The two main types of equity release plan are:
- Lifetime Mortgage; and
- Home Reversion
Under the lifetime mortgage equity release scheme, you actually take out a new loan which is secured on your home. From this type of equity release, you get a lump sum payment or a regular income or both whilst giving you and your partner the right to remain living in your home until both of you die or moved out. You need not also pay the interest during the term of the lifetime mortgage since the interest will be rolled up into the balance of the loan which is only repayable when you sell your property or you move into long term care.
On the other hand, the home reversion scheme is a form of equity release whereby, you as a home owner sell all or part of your property to the scheme provider. Just like the lifetime mortgage, you also get a lump sum payment or a regular income or both. Usually, you can also continue living in your property whilst paying a minimal amount of rent. However, under the home reversion scheme, when the property is eventually sold, your provider will take their share of the proceeds and pay the balance to you as the home owner or to your estate.
When you avail of equity release, you can actually do all kinds of things. You can pay off a mortgage, make some home improvement, buy a holiday home or help your children get onto the property ladder. Bu most of all, you may use equity release to top up your retirement income.
It is important to note that an equity release scheme can have an impact on state benefits and inheritance tax. It is therefore advisable to talk with your financial adviser so that all your concerns will be properly addressed and you’ll also be able to make sure that you’ll have something to leave behind your heirs.
As with all financial planning option, before you decide to take out an equity release, it is advisable to get impartial, specialist advice so that you can be confident that it is right for you and that your equity release plan can meet your needs. Above all, have a talk with your family.
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