Opt for equity release plans and live in peace
Accidents do not come with a prior warning neither does other such sudden occurrences that requires patience, strength of mind and most of all money. In situation like this, you can easily take a loan to overcome the financial crisis, if you are a working professional and hence would be able to repay the loan with your monthly salary. But you have no other option than to borrow or give up all your savings or mortgage your property or sell off your property, if you are a retired person. But borrowing money would hurt your self esteem, giving up all your savings would leave you penniless and mortgaging or selling off your property would leave you homeless at once or after a certain point of time if you cannot repay the loan. What do you do in such a situation?
What you do is opt for equity release loan, if you have a property to your name. Equity release plans are much like mortgage but with a very important difference. By mortgaging your property you would have to repay the loan within a stipulated time frame or else you property would be confiscated by the lender. But if you opt for an equity release loan instead, you would not have to repay your loan ever but continue to call your property your own for as long as you live. Your property will belong to the company from which you have taken the equity release loan, if you are unable to repay it, only after your death. The amount of equity release loan you can receive depends on the valuation of your property but you can choose to receive it as monthly installments or as a lump sum amount.
The biggest and probably the only disadvantage of equity release plans is that you would not be able to leave anything to your beneficiaries except the remaining amount of your property valuation, if any. Hence it is best suited for people who do not have anyone to leave their property to. Different companies offering equity release plans offer different amounts of loan and hence get your property valuation done before you approach for an equity release loan from a company to avoid being taken for a ride. Hence just opt for equity release plans from a reputed company and spend the amount in doing the things you have always wanted to do.
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