Equity release solutions to help you fight financial crunches
Facing a severe financial crunch and do not have enough saving or inflow of money to face it? Such situations do not come with prior notice and can happen in anyone’s life. You can never be enough prepared to face such sudden financial crunches. While you are working you can at least take a loan since you know you have the ability to repay it with your salary. But after retirement, the scenario is different. Most people do not receive pensions and those who do, it is much less than the salary they were used to receiving. Hence when facing financial crunches after retirement, the solution is borrowing or mortgaging your property.
There is another solution that will not hurt your self esteem like borrowing will or will not leave you homeless like mortgage. Opt for equity release solutions instead. There are several equity release companies in the market and you can find out about them through your agent or with the help of the Internet. Equity release solutions are like mortgage in many aspects like you get loan against your property. But it is different to mortgage in many aspects too, unlike mortgage with equity release solutions you get loan as per the valuation of your property and it might be more or less than what you need. Another more important and big difference is that equity release solutions will not leave you homeless if you are unable to repay your loan. The property will only belong to the company you have taken the loan from after your death once they have cleared the remaining money, if any.
Equity release companies offer equity release solutions in two ways, you either choose to receive the money as a lump sum amount or as monthly installments. Whichever you choose make sure you choose the equity release companies extremely carefully. You can do a little background research on all your short listed equity release companies, ask for their quotations, find out about them as much as you can and take a decision based on these. If you do not already know some equity release companies in your locality ask you agent to find you some or find out from the Internet. Hence if you face a financial crunch after your retirement, do not worry since you know what you should do to fight it off successfully without losing your self esteem or your home.
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