Equity release is one of the most powerful schemes when it comes to making your golden years a little more golden. Unfortunately, a lot of older homeowners do not realize just how beneficial these programs can really be. If you’re like most homeowners, maintaining a comfortable lifestyle is probably one of the most important things to you. You don’t want to have to worry about the bills, but you still want to make sure that you can focus on having a good time. You’ve worked hard all your life, so why shouldn’t you make sure that you can have a little fun?
The 55 plus equity release scheme is still available. In fact, 55 is the perfect “turning point” — you will be able to look into equity release offers from age 55 and up. It also depends on the status of your home. If you already have your home paid off, you are going to qualify for more offers than someone who still has a small balance left on their home.
The important thing here is to look into all of your options. You should know that an equity release scheme can be broken into four categories. You will most likely here about the lifetime mortgage, which is exactly what it sounds like — it gives you monthly income payments for the rest of your life, or when you are moved into a long term care facility.
There’s nothing that you have to pay every month in order to unlock this benefit. When your situation changes (either through your passing or being transferred to a long term care facility), your home will be sold and the proceeds applied to pay for the lifetime mortgage proceeds. Since this can indeed change the value of your estate, this is something that you might want to think about discussing with the rest of your family.
In either case, getting another income source is always a good idea. If you have an annuity, you’ll find that this works well with them, as you will have not just one source of income, but two — and you can even add more through other strategic investments. If you are truly ready to add a bit more comfort to your life, it’s definitely time to look closer into equity release. What do you have to lose by doing more research? Check it out today!