Equity release – help in time of need
Most people all over the world who have worked very hard all their lives for themselves as well as their families look forward to retirement like someone who eagerly waits for a good nights sleep after a long, hard and tiring day. But if that well deserved sleep after a long day is interrupted with nightmares, it is indeed extremely frustrating. The nightmare that can interrupt your peaceful retirement life and spoil your enjoyment is an unforeseen and sudden financial crisis. If you are fortunate enough to have made a good saving and are receiving a good pension, then you do not have anything to worry about. But people who do not receive pension at all or whose pension amounts are really meager and the saving is not much either, are in serious trouble, doubtless.
For such people, when in a sudden financial crisis, the only way out is to borrow money from others which is an indignity in itself, or mortgage their property or sell it off completely. These two options are not practical either since the former option can leave your homeless if you cannot repay the loan with in the time limit and the latter option, immediately. Another more practical and easier option is age concern equity release. It is quite like mortgage where you will be receiving the loan amount based on the valuation of your property but unlike general mortgage policies, equity release will not leave you homeless even if you cannot repay the loan amount ever. You can continue to call your property your own as long as you live.
This is where the catch lies of equity release policy. The property will belong to the company from which you have taken the age concern equity release loan after your death, but only after paying the remaining amount of valuation amount of your property to your beneficiaries. And this is the biggest possible disadvantage of equity release; you will not be able to leave any property for your beneficiaries. Hence an age concern equity release is more suited for people who do not have anyone to leave anything to. The loan amount that you will be receiving can be a lump sum amount or in monthly installments. It is advised you go for monthly installments if you are not immediately in dire need of money to overcome any sudden financial crisis.
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