Live your retired life in luxury with home equity release
If you have retired and are facing a financial crunch, what do you do? You probably try to face it with the help of your savings and pension. But what if your pension amount is meager or you do not receive any pension at all and your saving is not much either? You are left with the option of borrowing from friends and relatives or if you are fortunate enough to have a property to your name, you can either sell it off or mortgage it. But none of these are very practical options since selling or mortgaging your property would leave you homeless and borrowing would hurt your self esteem. What you can possibly do is, if you have a property to your name, you can go for home equity release.
Also known as equity release mortgages, it is much like general mortgages only with two very important differences that set it apart. First let us discuss the likenesses, like general mortgages, home equity release too has the feature that you would get a loan against you property and you can repay the loan and get your property back at any point of time. Like it is said above you can repay your loan, the biggest difference lies in the fact that you do not have to repay the loan ever.
Your property will still belong to you, unlike general mortgage, but only until you die i.e. your beneficiaries will not get that particular property. Another difference is that you do not get to decide the amount of loan. It would entirely depend upon the valuation of your property. Even if your requirement is more than your property valuation, you will not be given it against equity release mortgages. This is one disadvantage of home equity release but against borrowing or selling or mortgaging, this compromise is a much better option.
As you would not be able to leave your property to your beneficiaries, this option of equity release mortgages is mostly suited for people who do not have anyone to leave anything to. If you too are such a person, you can go for it even if you do not have any financial needs. Instead of leading your life like normal retired people, you can utilize the money you get to live the rest of your life king size, in luxury and be the envy of everyone around.
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