We try to talk about all things equity around here for one reason above all others: we think that these schemes ultimately benefit the average UK homeowner very much. Of course, equity release is when you’re starting to approach retirement age. Generally speaking, it’s aimed at the 55 years or older crowd. This is something that we like as well. It’s all about finding solutions for a segment of the marketplace that can be utterly ignored. The best years of your life are contained after age 50, and many people have stated this opinion as well. As the saying goes, the best is yet to come!
Now then, if you’re going to get into equity, you need to figure out your options. May we suggest looking into the interest only equity release scheme?
This is where you’re getting a tax-free lump sum, which you can use for any purpose that you like. Yes, that’s right — any purpose that you really see fit to do, you can do it without worry, fear or stress. It’s completely up to you to create a future that makes sense on your terms. You just need to turn to an equity release scheme to make it happen.
Did you know that there’s no proof of income needed for these equity release schemes? That’s right — in the case of the interest only lifetime mortgage, your means can be self-certified. You also get simplicity. There’s no endowment fund that’s required to keep the plan in place. You can just have the property sold when you are moved into a long term care facility.
You get a higher degree of inheritance protection, because your heirs will know right way how much needs to be given to the equity company after you are no longer here. Still, you’ll want to talk over the details with your heirs so that they are kept in the loop. That’s just the way it is. The more that you can reassure them, the more likely it is that they’ll be more than willing to work with you on just about anything and everything that you have planned. Why wouldn’t you want to get things done in a major way? Why wouldn’t you want to make sure that you have everything tended to properly? This is the best way to essentially have your cake and eat it too.
You still get to live in the home, and you still get to enjoy it to the fullest. Since you will still be the homeowner of record for all intents and purposes, you’re going to need to keep the property up. The equity company doesn’t want to see the property go downhill, because its appreciation is essentially how they’re going to be making most of their money, if not all of it.
You will have interest due on the amount that you borrow. This all will be listed for you, so it’s not like you’re having to deal with extra fees.
If you’re on the fence, don’t make the decision now. Seek out an independent IFA that specializes in equity schemes. They can give you the information that you need so you can make the best possible decisions around. That’s just the way it should be, right? Don’t you think you deserve to have the most comfortable retirement life possible? These schemes help you pull it off and have the comfort you deserve. Good luck!