Property equity release – live life stress free
Suppose there is a situation that requires your immediate attention in terms of huge sum of money. But you are retired and do not have enough savings to meet that demand and you cannot risk to take a loan since your pension amount is just about enough to sustain yourself and hence cannot be used to repay the loan. It is indeed something to worry about. You can sell or mortgage your property but if you are unable to repay the loan within the stipulated time in case of the latter option, you will be left homeless which will happen immediately in the former case. Do not be stressed as there is another more practical and safe option too and that is property equity release.
Property equity release is similar to property mortgage but not entirely so. You get a loan against the valuation of your property, this much part is same as general mortgage plans but the difference lies in the fact that you do not have to vacate your house or property even if you cannot repay your loan amount. You will continue to receive money, if you have chosen to receive it as monthly installments rather than a lump sum amount, and call your property your own as well.
You must be wondering how this miracle of keeping your property to yourself and yet receiving money for it is possible. The catch is, with property equity release you get to keep your property till you live, if you cannot repay the loan amount. After your death the property will belong to the company from which you have bought the property equity release policy. And here lies the biggest and probably the only disadvantage of property equity release plan. You would not be able to leave anything to your beneficiaries except the remaining valuation amount of your property, if any, that will have to be paid to your beneficiaries before the company takes over your property.
You can calculate the valuation of your property and the amount of loan you are liable to receive yourself with the equity release calculator. You can get the service of an equity release calculator over the Internet on websites of companies offering property equity release policies. An equity release calculator is quite easy to use, just put in some information and you will get the result. Live stress free with equity release.
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