Equity Release Schemes UK – great support for retired life

27.09.2011 | Author: dorthy.williams123 | Posted in Mortgage
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Are you nearing your retirement? Are you worried about things post retirement? Are financial issues worrying you? Put an end to all your worries and tensions. With various equity release schemes UK, all your retirement problems can be solved in a whiff. Equity release loans and other schemes have been able to take off a large burden from the retired person. There are various advantages that the retired person can get from these various schemes. Old people are usually rigid about certain things in life and it is very difficult to convince them regarding that. But the equity release schemes UK are designed and planned in such a manner that there is no opportunity for the older people to say a ‘no’. It has also been seen that equity release schemes are more heartily accepted by the senior citizens than mortgaging their property to a lender against cash.

There are various kinds of equity release schemes UK, which are particularly designed for the senior citizens in the country. Post retirement, the senior citizens in UK get a meager amount of pension. With the ever increasing cost of things, it is very difficult to sustain in that little income. Therefore an alternative way of income has to be sought out in any condition. In this regard, the equity release schemes UK are the best. There are some small conditions that have to be fulfilled in order to be eligible for the schemes. Apart from these schemes, equity release loans are also available and they also help in fighting problems in old age. The conditions that have to be fulfilled to be able to opt for equity release schemes UK are as follows:

  • The candidate has to be at least 55 years of age. More the age of the person, higher is the rate of interest that one can obtain for the various equity release schemes.
  • The property against which equity is released should be under the ownership of the candidate. Without the ownership of the property, one cannot go for the various equity release schemes UK.
  • The property should be in proper condition and should not be at lower valuation than £70000 in the current property market in UK.
  • Most importantly, there should be no outstanding debts on the property against which equity is released.

    • On satisfying all the above mentioned criteria, a candidate is eligible for availing equity release schemes UK. There are many advantages of availing these schemes or adopting equity release loans. With the various equity release schemes UK, the person does not need to leave the property after equity has been released from it. This brings a great sense of comfort to the senior citizens as they do not need to leave the property and relocate. The money that is obtained on releasing equity from the property can be taken at once in lump sum or in monthly installments as per the convenience of the person. Taking the money monthly helps to bear monthly expenses in a better manner.

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