Age Concern Equity Release Is A Smart Solution For Smart Retirees

29.11.2011 | Author: hanscruze017 | Posted in Mortgage
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Can any other financial option be better for you than the one where your property earns you something significant? When you have something that can earn you a considerable income for life, then you hardly need any other means of receiving an income. Isn’t it? Age concern equity release is an option that provides proper financial aid to the senior citizens after their retirement. The date of retirement, when it is around the corner, pose several negative threats on the old individuals, among which being financially disabled is the most serious issue to worry about. In the market, there are several equity release providers who make sure that the senor citizens get all the possible benefits from such schemes.

Releasing cash from your property is only possible through the age concern equity release. Lifetime mortgage and home reversion plans are the two types of schemes that are available under the program for the senior citizens. Both of them have their own attributes, which provides the applicants chance to choose a relevant deal for themselves. As you receive this amount in lieu of your property, you may think that there may be some restrictions when it comes to making the expenditure. But the fact is that the aged people can use the age concern equity release amount to meet both their essential requirements and personal desires.

The main traits of the age concern equity release have been mentioned below:

  • The amount that is received through this scheme becomes the regular income for the retirees. In fact, the lenders also offer a cash lump sum to them. However, the old individuals are free to avail the benefits as combination of both, that is income plus lump sum cash.
  • In case of the age concern equity release, the lenders allow the retirees to live within their home as long as they desire.
  • In fact, the homeowners are responsible for keeping their home well maintained even during the mortgage tenure.

    • The above-mentioned features and benefits of the age concern equity release can only be availed by you if you are 55 years and above in age and have an ownership of a property in a sound condition. SHIP or Safe Home Income Plans act as the guide for the equity release providers who work according to the rules specified by the SHIP. This, in turn, makes the equity release program safe and the lenders trustworthy for the senior citizens.

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