Explaining Equity Release
Helping You Understand Easier
If ever in your life you need a big amount of money for a project, opening up a business, or simply life, you may resort to some of the more complex measures to get it. There are many plans you can be a part of and we’re going to talk about how it all works.
If you are over 55, and you have financial troubles, you may have come to a point where you ask yourself What is Equity Release and the simplest answer is is getting money from your home while you’re still living there. You basically take a cash sum and you’re paying it with the value of your house and the interest. There are many ways you can do this to make it fit your possibilities more.
One of the options is downsizing, that is moving to a smaller property because if you get a mortgage on that home, you will have to pay less. This is a popular option for persons over 55 years and it works in such a way that your home is sold once you die or you move to a retirement home or any type of facility. If you’re still not sure What is Equity Release, a good idea is to ring up a lawyer and have them sit down with you and talk it through.
While these types of plans may not be the best option for everyone, for seniors it can be by the best functioning one. Just make sure you understand everything that comes with it so you can know you have made the right decision.
