Know More about Equity Release UK and Release Equity

Equity release UK schemes allow you to release a certain amount of money against your property or house. The amount so released is tax-free and can be used for any purpose. They provide an additional income to the individuals who are in need of finance after their retirement as the pension received by them is so less that it is not sufficient to meet their daily requirements. Hence, these equity release schemes provide financial security to the retirees by providing a regular income and enable them to lead a relaxed life free from any financial worries.

However, it is to be noted that everyone cannot get benefitted under these equity release UK schemes because as per the eligibility criteria of these schemes the person who want to undertake equity release must be 55 years of age or more as well as own a house or property. People fulfilling both the conditions can avail the benefits of these schemes. Moreover, before taking any decision it is also important to gather all relevant information about them and their kinds.

There are mainly two kinds of release equity schemes available to the people. The first kind of equity release schemes are Lifetime Mortgages. In lifetime mortgages schemes the equity release provider provides a certain amount of money in lieu of your property or house and charges interest on that. However, there is no need to make any repayments as the loan amount and the interest will be recovered by the equity release provider after your death. The most important benefit of this scheme is that you can maintain the ownership of the property or house and remain there for your entire lifetime.

The second kind of equity release schemes available are Home Reversion Schemes. In home reversion schemes you are required to sell a part of your property or house in order to get a certain amount of money in lump sum or in monthly installments on regular basis. According to these schemes you can remain the primary owner of the property or house. However, you will have to take the responsibility of the upkeep and maintenance of the property or house for all times.

Hence, on the basis of your needs and requirements you can select any of the release equity kinds and enjoy their benefits to lead a stress free life.

In case of any confusion it is advisable to seek advice from equity release experts regarding equity release UK and release equity.